Lululemon Founder Sold Shares Days Before CEO’s Exit

Lululemon Athletica Inc. (NASDAQ:LULU) (TSE:LLL)  Chairman Dennis “Chip” Wilson sold $50 million worth of stock in the company four days before the shares plummeted on the chief executive officer’s sudden departure. Shares of yoga-apparel retailer Lululemon Athletica Inc. (NASDAQ:LULU) (TSE:LLL) plunged after CEO Christine Day quit. Some of the biggest fans of Lululemon Athletica have been demanding the CEO’s resignation since the yoga gear maker’s most popular pants styles tanked in the fashion market because they were too sheer. The Securities and Exchange Commission permits executives to trade their own shares as part of a prearranged trading plan known as a 10b5-1. The preset plan enables…