Lululemon athletica founder to drop innovation job

Founder of apparel maker lululemon athletica to resign as innovation chief, remain chairman

Associated Press – Sat 7 Jan, 2012 3:22 AM IST

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NEW YORK (AP) — Lululemon athletica inc., maker of high-end yoga-inspired clothing and gear, said Friday that founder Chip Wilson will resign as chief innovation and branding officer but remain chairman of the company, based in British Columbia, Canada.

The move will take effect Jan. 29.

Wilson said he was comfortable leaving the company under direction of CEO Christine Day.

The company's shares rose $1.58, or 3 percent, Friday to close at $53.68. They lost much of that gain in early extended trading after the announcement, falling $1.23, or 2.3 percent, to $51.03.

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