Chip Wilson, the controversial founder of Lululemon, is selling 40.2 million shares in the company, or half of his 27.7 percent share, for $845 million. The buyer is Advent International, a company that worked closely with Wilson in the past, investing in Lululemon in 2005, but cashed out in June 2009. Wilson has been critical of decisions made by the board of directors, although he has been appreciative of the new management. Instead of engaging in a proxy fight, he has agreed to enlarge the board from ten to 12 members, with the two new ones representing Advent. Wilson, Advent and Lululemon have agreed to appoint an independent consultant to review the company's corporate governance.

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