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Lululemon founder Chip Wilson.
Lululemon founder Chip Wilson.

Chip Wilson: Just venting or something more at Lululemon?

Founder Chip Wilson’s last-minute decision to announce prior to Lululemon Athletica Inc.’s annual meeting that he will be voting his 27-per-cent stake against two key directors raises a big question: Does he have a full proxy battle in mind or is he just venting his frustration?

The timing suggests the latter. If Mr. Wilson truly wanted to get rid of the chairman and director he has targeted for his ire, he would have rallied support in advance of the meeting and unveiled something more than just a press release full of criticism.