Chip Wilson, founder of Lululemon Athletica Inc. (NASDAQ: LULU) and one of the company's largest shareholders, issued an open letter to potential CEO candidates warning them about the current board's ability to support leadership.

Wilson cited three CEO departures without succession planning as evidence the board may not be equipped to support visionary leadership. He has nominated three independent director candidates: Marc Maurer, Laura Gentile and Eric Hirshberg, citing their brand, product and marketing experience.

The founder raised concerns about board composition, noting the current board has an average tenure of over eight years with four of nine directors serving more than ten years. Wilson questioned the independence of four directors tied to private equity firm Advent International, which he says does not have a disclosed ownership stake in Lululemon.

Wilson outlined six questions he believes potential CEOs should ask the board, including how it defines the brand's target customer, whether the next CEO will be empowered to invest in design and innovation, and how the board supports internal talent development.

The letter referenced the company's increased discounting and promotional activities, which Wilson suggested could damage long-term brand value. He also questioned whether future leadership would be empowered to prioritize product quality over short-term margins.

Wilson and related entities collectively own 9.9 million shares of Lululemon common stock. The group intends to file a definitive proxy statement with the Securities and Exchange Commission to solicit shareholder proxies for the company's annual meeting.

The information comes from a press release statement issued by Wilson.