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

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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]

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In Wake Of Exec "Accidentally" Stabbing A Cab Driver, Morgan Stanley Insists You Ask, "What Would The Post Say?"

A year ago this Friday, a Morgan Stanley banker named William Bryan Jennings attended a couple holiday parties, drank a few Coors Lights, and around 10:30PM hailed a cab and asked the driver, Helmy Ammar, to take him home to Connecticut. On the way, a hungry WBJ requested they stop at G&G Deli off 10th Avenue, where he bought "a 20 oz. bottle of Aquafina water, a sandwich and some Burger King cheesy fries." As the cab entered approached Jennings' hometown of Darien, a dispute reportedly broke out as to what the fare for the ride would be. Ammar claims that they'd agreed on $204 before leaving Manhattan, but once in Connecticut, Jennings said he'd only pay $50. Jennings claims that Ammar jacked the price up to $300 and was unhappy when the banker offered $160. Another matter of he said/he said is whether or not Jennings started shouting racial slurs at Ammar and told him, "I'm going to kill you. You should go back to your country!" (Jennings denies this happened and says that Ammar locked the doors and wouldn't let him out of the cab.) The one aspect of the story that is not in dispute is that as tensions flared, WBJ whipped out a pen knife he had in his pocket. For those of you reading from Morgan Stanley, this is where the teachable moments occurs: if you ever find yourself in a situation wherein you're winding up to stab a cab driver in the hand, stop and ask yourself, "Is this going to look bad in the Post tomorrow morning?" Jennings did not and now this is happening: