Business
Lululemon Stock Rises on Peace Deal With Founder
Lululemon Athletica and company founder Chip Wilson are burying the hatchet.
They have reached a deal that will allow Wilson to name two new directors to the company’s board after its annual meeting in June. The company also agreed to add a third director with product and brand expertise in apparel to the board by Oct. 1.
In exchange, Wilson, who owns 8.7% of Lululemon’s shares, will agree to stop criticizing the company for 18 months.
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