Chip Wilson, founder and former chairman of Lululemon Athletica, is using Washington-based Sphere Consulting in his very public squabble with the board of directors of the yoga garment maker.
He contends directors are more focused on short-term results rather than either corporate culture or long-term growth prospects.
The company issued a statement June 11 saying its board is “aligned with the Company's core values and possesses the necessary expertise to successfully lead lululemon forward.” Lululemon said the board “contrary to Mr. Wilson's assertions,” is “aligned with the company's core values and possesses the necessary expertise to successfully lead lululemon forward.
Wilson voted June 11 against re-election of current chairman Michael Casey and RoAnn Costin, president of Wilderness Point Investments.
The Wall Street Journal and Washington Post ran stories about Wilson’s effort to shake-up the board of directors.
The Journal speculated that Wilson, who stepped down from the chair post last month, “intends to continue to assert himself in the running of the company.”
Lululemon today cut its revenue and profit forecast for its current fiscal year following a tumble in 1Q profit to $19M from $47M.
Sphere’s Addison Smith is advising Wilson.
The company uses ICR for Wall Street work and Joele Frank, Wilkinson Brimmer Katcher for media outreach. It brought in Weber Shandwick late last year amid the corporate shakeup that included Wilson's ouster.