In a regulatory filing, Lululemon declared that its founder, Chip Wilson, no longer had the right to appoint a board director because he had violated certain terms of a 2014 agreement that gave him that right as long as he owned at least 8.0 percent of the shares and “did not take any contesting stockholder decision.” He still owns 9.4 percent of the shares, but his behavior led to his resignation as chairman of Lululemon at the end of 2013 and as a director in early 2015.

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