Lululemon (NASDAQ:LULU) founder Chip Wilson announced his resignation from the board. The often controversial figure, who founded the company in 1998, withdrew from his CEO position in 2012 and left his chairman role in late 2013.
His next step? Work with his son and wife on their new retail adventure, Kit and Ace.
The later part of Wilson's Lululemon tenure was plagued with bad press and some difficult financial quarters. In 2013, the company's yoga pants had to be recalled for being so sheer that they were see-through. The fallout led to the departure of top executives.
That same year, Wilson blamed the fabric mishap on larger-sized customers wearing out the material, stating that the athletic wear was not meant for all women's bodies. His comments sparked outrage among consumers and soon after, Wilson stepped down as chairman.
But not to be counted out, Wilson stayed on as a director and still put in his two cents when he lashed out at the board last June, saying the company was too focused on short-term growth. Therefore, Wilson finally agreed to end a one-year battle and sell half his remaining shares, 27.7 percent, to Advent International.
-See this Reuters article
Lululemon founder's family launches boutique
Lululemon names new CEO; Founder Chip Wilson resigns as chairman
Lululemon CEO stepping down after sheer fabric headache
Lululemon makes Lululemonade in the wake of its yoga-pants fiasco
Report: Lululemon's business strategy doesn't include plus-size customers