Lululemon Athletica Inc. Chief Executive Officer Calvin McDonald is stepping down, the company announced Thursday. The move comes after a slump in sales at the brand, which practically invented the athleisure clothing category. The Canadian company’s founder, Chip Wilson, had privately been taking steps to run a proxy fight, the Wall Street Journal reported, frustrated with, among other things, Lululemon’s marketing strategy.
Wilson has a point: Lululemon hasn’t been performing. But finding a new leader to turn round the business will be enough of a stretch without an agitator criticizing from the sidelines.
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