It seems that Lululemon founder Chip Wilson is finally letting his involvement in the company go. After selling off half his shares last August, Wilson announced Monday morning that he is now stepping down from the company's board of directors.
Wilson said in a statement that though he had departed his position as Chief Innovation and Branding Officer in January 2012, he had returned to the board in the spring of 2013. With the arrival of CEO Laurent Potdevin in January 2014, Wilson stepped down as non-executive chairman.
A rep for Lululemon did not immediately respond to request for comment.
We do know where Wilson will be going next, though: Kit & Ace, a clothing brand founded by his wife and son.
"I have achieved the goals I set when I came back, and after careful thought, I believe that now is the right time to step away from the board," Wilson says. "I leave behind a new and talented management team and new board construct. By stepping away from lululemon I will now have more opportunity to work with my wife and son as they grow their new business, Kit & Ace. I am so excited for Kit & Ace because it is where street clothing is going. Shannon and JJ have caught the next wave."
Although he struggled with PR missteps while at Lululemon, Wilson does have one massive retail success under his belt. We'll keep an eye on this new venture's progress.
Update: A rep for Lululemon provided the following statement from Laurent Potdevin on Wilson's departure.
“Chip took a small yoga company from Vancouver, and inspired a team of people to dream big. This vision and entrepreneurial spirit is woven through all that we do at lululemon, and we are entirely focused on the journey that lies ahead. With strong leaders in place, and a passionate dedicated team, we remain committed to inspiring our guests in their sweaty pursuits and bringing the best of Lululemon to communities around the globe."