NEWS

Chip Wilson selling what's left of his stake in Lululemon

06/11/2015 09:46 EDT | Updated 06/11/2016 05:59 EDT
Lululemon shares were down  this morning after a filing with U.S. regulators showed company founder Chip Wilson, his wife Shannon and a holding company they control, would be selling their entire remaining stake in the company.

A filing with the Securities and Exchange Commission on Thursday suggested Wilson would be selling 20,109,131 shares in the yoga apparel company. All in all, that's 14 per cent of the company.

Lululemon shares were down about two per cent to $65.49 on the Nasdaq on Thursday in reaction to the news.

Wilson founded Lululemon in Vancouver in 1998 and served as CEO until 2005, when he became chair. But in recent years, there has been an acrimonious split between Wilson and the current management due to competing visions for the business, and a series of public statements by Wilson that the company tried to distance itself from.

Wilson had previously sold off large chunks of his holdings dating back to the summer of 2013, and the two sides had previously suggested he would sell off his entire stake at some point.

He stepped down as chair last May and resigned from the board entirely this past February.

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