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Lululemon Feud Strips Billionaire Founder of Right to Board Seat

  • Chip Wilson founded clothing company in 1998 and still owns 9%
  • Shares of athleticwear maker have surged 77% in the past year
Chip Wilson, center, scouts store locations in New York.

Chip Wilson, center, scouts store locations in New York.

Photographer: An Rong Xu/The New York Times via Redux

Chip Wilson’s feud with Lululemon Athletica Inc. is alive and kicking.

The billionaire’s right to designate a board nominee was terminated after he “failed to observe the requirements of the support agreement relating to certain contesting stockholder actions,” the company, best known for its yoga pants and workout gear, said in a recent filing that didn’t specify what prompted the change.