• 07 Aug 2014 at 4:56 PM

Ex-Spandex Exec Says He Won’t Make A Scene

Chip Wilson, of the Lululemon Wilsons, isn’t looking to make trouble (anymore).

Chip Wilson, the founder of Lululemon Athletica Inc, has agreed not to wage a proxy contest on the yoga apparel maker, in return for two additional director positions and number of other governance changes, the company said on Thursday. As part of the agreement, Wilson will sell half of his 27 percent stake to private equity firm Advent International for $845 million. Advent will add two of its senior managers, David Mussafer and Steve Collins – to Lululemon’s board, expanding it to 12 members. Mussafer will take the role as co-chairman alongside existing chairman Michael Casey. Wilson and Advent have signed a standstill agreement that would prevent them from waging a proxy contest until after the annual shareholder meeting in 2016. It also prevents them from conducting or supporting a hostile M&A transaction for the next year and a half. In June, Wilson, Lululemon’s largest shareholder, publicly lashed out at the retailer’s board saying the new chairman and another director were too focused on short-term growth. Wilson then voted against them at the board elections.

Lululemon founder agrees not to wage proxy war, Advent buys stake [Reuters]

6 comments (hidden to protect delicate sensibilities)
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Comments (6)

  1. Posted by pokey gasbagarino | August 7, 2014 at 5:03 PM

    Ebola 2014 USA USA USA USA!

    You heard it here first. Breaking news broken all the time.

  2. Posted by Male | August 7, 2014 at 8:25 PM

    This man is a god damn American hero.

  3. Posted by Guest | August 8, 2014 at 12:00 AM

    He has at least 845 million reasons to be a principled activist for LULU.

  4. Posted by undercarriage | August 8, 2014 at 8:09 AM

    Thanks for the obligatory grundle shot.

    - guy who is thankful for bring able to use the term "grundle" in proper context.

  5. Posted by Chiming In | August 8, 2014 at 8:38 AM

    He's Canadian…

  6. Posted by Guestarino | August 8, 2014 at 9:12 AM

    I would've enjoyed the photo Dealbook used a lot better than the photo of this dude stretching his groin.
    http://nyti.ms/1vhu8c8