Lululemon founder Chip Wilson steps down from management, will stay on board

Lululemon Athletica Inc. (TSX:LLL) says its founder Chip Wilson will leave the management team at the Vancouver-based retailer at the end of the month.

Wilson, who founded the trendy athletic and yoga store chain in 1998, plans to resign as chief innovation and branding officer effective Jan. 29.

But he will stay on as chairman of Lululemon's board of directors.

Wilson says he feels comfortable leaving the company in the hands of CEO Christine Day.

Lululemon has been rapidly expanding into the U.S. market in recent years and consistently reports growing revenues and profits.

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