Lululemon Founder Chip Wilson is calling for the athletic wear company’s board to be overhauled following the ouster of its CEO.

Wilson said in a news release that the global retailer requires revitalization and new skills to return to being a product-first brand that delivers long-term shareholder value, arguing that years of poor decisions have eroded the brand and destroyed value. He took credit for the board’s decision to remove Calvin McDonald from his post.

“As one of the largest active shareholders of Lululemon, I am deeply concerned about what appears to be a tremendous failure by the Board to competently plan for the future and manage an effective succession process,” said Wilson, who now owns about 8% of the Vancouver-based company. “This latest failure in my opinion only amplifies the urgency the company faces and the obvious need for the CEO search to be led by new, independent directors with real experience.

“I believe that the board should seek the advice of individuals with specific and unique expertise, and deep knowledge of the company, to advise on the CEO selection process.”

Lululemon’s stock has suffered major declines in recent years. The price rebounded after McDonald’s departure.

Wilson further criticized the board’s praise of McDonald, citing a 62.8% drop in Lululemon’s share price over the past two years, and said the board has failed to hold management accountable for delivering product innovation. Wilson said the erosion of premium brand value in core markets reflects a disconnect from target customers and long-term value creation, while adding that he believes in the continued strength of the and the availability of qualified CEO candidates across the retail and apparel sector.

“I hope the board continues this constructive dialogue with me to find refreshed, experienced directors ahead of completing a CEO search,” said Wilson.

CFO Meghan Frank and Chief Commercial Officer André Maestrini will serve as interim co-CEOs. During a conference call with analysts Thursday, Frank vowed that the company would improve its performance.

“We have not inspired our high-value guests to purchase as we had in the past,” she said.

Pictured: Lululemon flagship store in downtown Vancouver.

Photo: Lululemon