Lululemon Athletica’s controversial founder Chip Wilson, well known for flubbed comments like blaming women’s oversized thighs for pilling in the yoga wear products, said Monday that he would resign from the company’s board of directors, adding that it was the right time to step away.
The company’s shares were down $1.24 to $65.00 on the NASDAQ as of publication time.
Wilson stepped down as Lululemon’s chairman in Dec. 2013 though he stayed on as a director, but the last couple of years have not been the company’s best.
Lululemon’s very public recall of its luon line of yoga pants in March 2013 for being too sheer reportedly cost the company roughly $67 million and caused consumers to question the high-priced products’ overall quality. The fallout also led the company’s then CEO Christine Day to resign, and she cited her vision not matching Wilson’s as the reason for her departure.
While addressing the sheer pants problem and the tendency to pill on Bloomberg TV’s “Street Smart” at the end of 2013, Wilson said the Lululemon product simply doesn’t work for some women’s bodies.
“The thing is that women will wear seatbelts that don’t work or they’ll wear a purse that doesn’t work,” he said. But, “quite frankly, some women’s bodies just actually don’t work for it.”
The media frenzy following the misstep eventually caused Wilson to issue a video apology, where the founder said, “I’m sad for the repercussions of my actions.”
Issued between Wilson and the rest of the company continued, and in a move that was reportedly an attempt to quell those issues, Wilson announced in August lasdt year that he would sell half of his stake in the yoga wear company to private equity firm Advent International for $845 million. As part of the agreement, Advent International received 13.85% of Wilson’s 27.7% stake and two board seats.
According to Reuters, Wilson said he would now work with his wife and son on their new luxury performance brand, Kit and Ace.