Lululemon founder Chip Wilson is seeking to remove private equity firm Advent from the company’s board as part of an intensifying proxy contest, according to a report by Semafor.

Wilson, one of Lululemon’s largest independent shareholders with a 4.27% stake as of December, launched the proxy fight late last year by nominating three independent directors. While he has said he does not want a board seat himself, Wilson has made clear that he will not agree to any settlement unless two legacy directors, including chair David Mussafer, resign.

The report said Wilson’s frustration has been exacerbated by Advent’s mixed track record in consumer investments. Advent acquired a stake in Lululemon in 2014 and has held board representation since then.

The governance dispute comes as Lululemon also faces pressure from activist investor Elliott Management, which disclosed a $1bn stake earlier in December and has been working with former Ralph Lauren executive Jane Nielsen in relation to potential leadership changes.

Lululemon and Advent did not immediately respond to requests for comment. The episode highlights how private equity ownership structures can become flashpoints as public companies face activist scrutiny and shifting shareholder expectations.

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