Lululemon athletica inc. (NASDAQ: LULU) founder Chip Wilson issued a statement March 18 regarding the company's board refreshment and financial results, expressing continued dissatisfaction with governance changes despite the departure of a long-serving director.

Wilson welcomed the announcement that David Mussafer, who served more than 14 years on the board, will not seek re-election. However, Wilson stated that "glaring governance deficiencies remain," citing three directors still tied to Mussafer's private equity firm that lacks disclosed ownership in Lululemon.

The company's fourth quarter 2025 results showed Americas comparable sales declined for the eighth consecutive quarter. Wilson characterized the fiscal 2026 outlook as indicating "no meaningful change in trajectory."

Wilson expressed criticism of the appointment of new director Chip Bergh, calling it "underwhelming." He stated the board did not engage with him during Bergh's interview process and noted that companies Bergh previously led or served as director "have struggled for years against their peers."

The founder, who is one of Lululemon's largest shareholders, has nominated three candidates for the board as part of an ongoing proxy contest. Wilson's group beneficially owns 9,904,856 shares of the company's common stock, according to a Schedule 13D filing.

Wilson indicated he expects Mussafer to step back from involvement in director refreshment efforts, the CEO selection process, and shareholder engagement. The company has not yet appointed a new chief executive officer.

The statement was issued as Wilson's group prepares to file a definitive proxy statement with the Securities and Exchange Commission in connection with the company's annual meeting.