India, May 18 -- Lululemon Athletica Inc. (LULU) is urging its shareholders to turn down the board nominees put forward by founder Chip Wilson. They believe his "outdated views" and "concerning conflicts of interest" could really hamper the company's efforts to recover.
This plea comes after settlement talks with Wilson fell through. He holds an 8.97 percent stake and has been pushing for more say on the board.
Lululemon feels their candidates, like former Levi Strauss & Co. CEO Chip Bergh, are better suited to support the incoming CEO Heidi O'Neill, who's been with Nike, Inc. for a long time and is set to step in this September.
Wilson, on his part, is still open to negotiating a settlement and argues that his nominees bring valuable cr...