Lululemon founder to step down

TORONTO - Yogawear retailer Lululemon Athletica Inc (LLL.TO) said on Friday that its charismatic founder Chip Wilson will step down from his executive position.

Wilson, who founded Lululemon in 1998, will leave his post as chief innovation and branding officer for the Vancouver-based chain effective Jan. 29, and stay on as chairman of the board.

Wilson, who got his start in the apparel industry when he founded a surf, skate and snowboard clothing company in the 1990s, first sold yogawear out of a Vancouver design studio that paid the rent with evening yoga classes.

He brought in Robert Meers to run the expanding company in 2005. Current chief executive Christine Day joined Lululemon in 2008.

(Reporting by Allison Martell)