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Cramer On Lululemon's Director Resignation: 'Her Qualifications Weren't As Strong' And Served As A 'Life Coach'

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Cramer On Lululemon's Director Resignation: 'Her Qualifications Weren't As Strong' And Served As A 'Life Coach'

Lululemon Athletica inc. (NASDAQ: LULU) said in a form 8-K filing dated August 3 that its longest-standing member of its Board of Directors, Rhoda Pitcher, resigned from her position to "pursue other opportunities."

Lululemon added in its filing the resignation is "not due to any disagreements" with the company. Jim Cramer said Tuesday that her "qualifications weren't as strong." In fact, Cramer's Real Money looked into Pitcher's background in June and said "her experience and qualifications outside the Canadian-based company are unclear."

Cramer went on to highlight Lululemon's founder Chip Wilson who harshly criticized the company's Board of Directors in a public letter. The ex-CEO and largest shareholder with a 14.2 percent stake said in the letter that the company's board wasn't strong enough to "win in the current global, multi-channel and dynamic environment."

Related Link: Lululemon Founder And Biggest Shareholder Chip Wilson Poses 2 Main Questions To Its Management

"Chip is a bit of a loose cannon," Cramer said during his segment. "I think Rhoda Picther had enough of him. She is a reclusive board member."

Cramer went on to acknowledge that certain aspects of her background is indeed "questionable" as she was brought on to the company's board as a "life coach."

Posted-In: Chip Wilson Rhoda Pitcher The Mad Dash Jim CramerMedia Best of Benzinga

 

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