Chip Wilson rocks the boat at Lululemon with board appointment
04/02/2016
Mr Wilson stepped away from the company in early 2015, a culmination of two turbulent years during which he fell out with its management and sold most of his shares.
However, as a holder of 14.5% of shares he exercised his nomination rights to appoint Ms Henry.
He said: "The appointment of Kathryn to the board is an important first step in the implementation of changes that are needed with respect to culture and knowledge of technical vertical retailing.
"Kathryn is intimately familiar with the company, having served as Lululemon's chief information officer and SVP Distribution Logistics. She understands both the company's business and the importance of its culture - a culture that provided best in class financial metrics.
"I also continue to believe changes are needed with respect to corporate governance," he said.
Lululemon released a statement saying: “Ms Henry was designated for appointment to the board by Dennis Wilson in accordance with the terms of a support agreement between Lululemon, Mr Wilson and certain entities affiliated with Advent International in connection with a stock purchase agreement between Advent and Mr Wilson, dated August 7, 2014.”
Ms. Henry was recruited as CIO in 2010 and was responsible for building IT organisation and business operating capabilities in support of company growth across all channels, brands and geographies.
Michael Casey, co-chairman, endorsed the appointment: "A long time friend of Lululemon, Kathryn embodies our spirit of community and brings talent, expertise and energy to the table."
The company updated its revenues guidance for the fourth quarter of fiscal 2015 ending January 31, following strong holiday sales. It expects revenue in the range of between $690 million to $695 million, an increase of about 15% compared with the same period in 2014.
We look at Lululemon’s men’s business in the upcoming edition of WSA.
Share this story:
