This story was updated Aug. 17, 2016, at 3:15 p.m. to add comments by lululemon founder Chip Wilson.
Lululemon's (LULU) longest-standing board member, Rhoda Pitcher, has resigned from her position.
According to an 8-K filing with the Securities and Exchange Commission Monday, Pitcher resigned from the board of directors and from all committees of the board of directors on Aug. 3 to "pursue other opportunities."
"Her resignation is not due to any disagreements with us on any of our operations, policies, or practices," CFO Stuart Haselden said in the filing.
Pitcher's resignation comes after CEO Laurent Potdevin told CNBC's Sara Eisen in July that Pitcher was "absolutely" staying on the board. She had been a board member since 2005. Pitcher also served as the chair of the nominating and governance committee and was a member of the compensation committee. She is still listed on the website as a director.
The board's co-chairmen, Michael Casey and David Mussafer, issued a statement Tuesday on behalf of the board, saying, "With Rhoda's departure, our board currently has nine members. With four directors added in the past two years, we have the right Board of Directors to lead us into our future and the best management team to execute on our 10-year vision."
They thanked Pitcher for her "valuable" service over the past decade, including "advocating for the well-being of our people, and for her leadership in helping to shape the incredible roster of leaders we have in place today."
Lululemon's founder and former CEO Dennis "Chip" Wilson had been criticizing the way the company was being run, saying on CNBC's "Squawk on the Street" that was the long-standing board members who were to blame. That's when Real Money began investigating Pitcher's work experience and educational background, and discovered gaps and unverifiable qualifications in her official bio.
Wilson originally brought Pitcher on to provide consulting services in 2005. She was also appointed to the board as one of Wilson's "affiliated entities." Pitcher's consulting role ceased prior to the company going public in 2007. But she remained on the board, despite an original term expiration of 2009. She was nominated and re-elected to the board in 2009, 2012 and 2015.
Before joining lululemon's board, she worked with est creator Werner Erhard, whose controversial practice was labeled by some a cult. But Pitcher's educational background remains mysterious as her master's degree from University Associates cannot be verified. She also never listed an undergraduate degree.
Lululemon never followed through on our multiple requests to interview Pitcher or answer our questions about her mysterious background.
"Chip pointed Pitcher out," said TheStreet's Jim Cramer. "I wonder whether it was worth it for the company or her to be visible and stay on the board. Chip's got no beef now after this run in the stock." The stock was down nearly 1% to about $77.88 in morning trading.
Wilson said in a statement via email that he is pleased with the recent developments at lululemon, but he declined to comment further on specific people.
For Real Money's continuing coverage on lululemon, check out:
- Lululemon's Ghost Board Member: Who is Rhoda Pitcher?
- Lululemon Has a Rhoda Pitcher Problem
- Lululemon Director Rhoda Pitcher Is 'Valued' - But Still a Mystery
- 3 Reasons Lululemon Shareholders Should Care About Rhoda Pitcher
- Lululemon's Rhoda Pitcher No Longer a Mystery
- Where's Rhoda? Elusive Lululemon Director Scrubbed From Educurious Website