The Globe and Mail reports in its Tuesday edition that Lululemon founder Chip Wilson is launching a proxy fight to overhaul the board as it deals with mounting competitive pressure, a near-halving of its stock price and the impending departure of its chief executive off. The Globe's Irene Galea writes that on Monday, Mr. Wilson nominated three new directors, calling the lack of clear CEO succession planning a "total failure of board oversight" and insisting that the next CEO appointment should take place only after significant changes to its membership. At the same time, he submitted a governance proposal that, if passed, would see each board member face a shareholder vote every year. "It is clear to the world that Lululemon is special, but in need of change," Mr. Wilson said in a press release Monday. "Lululemon needs visionary creative leadership to thrive. The simple truth is that the current board lacks these skills." The Vancouver athleisure brand has struggled to compete with fresh labels entering the market it once dominated. CEO Calvin McDonald has led the retailer since 2018. The company's stock jumped 10 per cent after the announcement. Mr. Wilson founded Lululemon in 1998 and departed the board in 2015.