Background: Lululemon pretty much invented athleisure back in 1998, and since then, it has built a full-blown cult around its leggings and lifestyle aesthetic. The founder, Chip Wilson, has always been a magnet for controversy - so much so that he stepped down as CEO in 2005 and left the board in 2015 after making one too many inappropriate comments.

What happened: While Lululemon has spent the past decade skyrocketing, 2025 has been a completely different story. Alo and Vuori have muscled into the premium athleisure lane and Lululemon’s share price has tanked 52% this year.

What else: Now, Chip Wilson has turned into Lulu’s loudest critic by firing shots on LinkedIn and even taking out a full-page ad in the Wall Street Journal to complain that the company hired a CEO who “speaks Wall Street” but lacks vision. Chip still owns 8% of the company, so when he talks, investors listen.

What's the key learning?

💡The CEO who builds the rocket isn’t always the one who should fly it. Founder CEOs bring instinct, vision and deep customer understanding, while Operator CEOs excel when a company needs structure, scale and discipline.

💡Operator CEOs focus on systems, not vibes. They shine in areas like margins, supply chains and store expansion, but that approach can feel at odds with brands rooted in culture and emotional loyalty.

💡Culture-led companies need leaders who protect the soul of the brand. Some businesses thrive under operators - like Microsoft with Satya Nadella, whose share price rose tenfold since he took over. However, brands like Lululemon rely heavily on cultural connection... and Chip Wilson clearly believes the current leadership is dimming that spark.