Lululemon founder Chip Wilson is officially launching a proxy fight. He has nominated three candidates for the board, including former execs from On Running, ESPN, and Activision. Wilson holds a 9% stake and said he isn't trying to get a seat for himself, but wants to ensure the board has better product experience. The company is currently down over 40% this year and CEO Calvin McDonald is set to leave in January. Wilson has been critical of the current leadership for losing market share to rivals like Alo and Vuori. Activist investor Elliott Investment Management is also involved and pushing for a specific CEO replacement. Wilson argues the current board shouldn't be trusted to pick the next CEO without new oversight.