You might have heard by now that Chip Wilson, Lululemon’s founder, agreed to sell half of his stake in the yoga pants company for $845 million.
Damn. That’s a lot of cash.
Why did this happen? Are yoga pants and their ass-enhancing effects soon to be a thing of the past?
NOPE! Chip Wilson sold half his shares because he’s been fighting to regain control of Lululemon since the board forced him to resign as chair after saying some stupid things in an interview. Wilson wanted to oust two members of the board of directors and threatened to lead a shareholder revolt, bolstered by his large stake in the company. To avoid this, equity firm Advent International dangled a $845 million cheque in his face and Chip decided that taking that massive sum of money was better than destroying the company he tried to build.