Lululemon founder Chip Wilson, who remains a major shareholder in the company, took credit on Friday for CEO Calvin McDonald’s departure.

The founder of Lululemon Athletica Inc. LULU-Q is calling for an overhaul of the company’s board of directors, as the purveyor of athleisure searches for a new chief executive officer – accusing the leadership of “complacency” as the brand has lost its cachet.

Friday’s statement from Chip Wilson followed the news of CEO Calvin McDonald’s ouster on Thursday afternoon.

Mr. McDonald, who has led Lululemon since 2018, will step down at the end of January. While he presided over years of growth at the company, under his leadership Lululemon also experienced a significant slowdown in its U.S. business starting last year.

The company’s stock price – whi

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