Canadian retailer Lululemon's founder urges annual board election

Wed Jun 1, 2016 1:55pm EDT
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June 1 (Reuters) - Lululemon Athletica Inc's founder Chip Wilson called for annual election of the Canadian yogawear retailer's board to hold members accountable for the company's performance.

Wilson, in a letter to shareholders on Wednesday, said that a declassification of the board would make more responsive to shareholders as opposed to a staggered board, which results "in entrenched directors and management."

Wilson, the company's largest shareholder, said he was not convinced that Lululemon had the right leadership to make changes necessary to "win in the current global, multi-channel and dynamic environment."

The company's shares were up 1.4 percent at $65.94 in afternoon trading. (Reporting by Manish Parashar in Bengaluru; Editing by Kirti Pandey)