Lululemon Athletica Inc. founder Chip Wilson sold 2.75 million shares, according to a regulatory filing.
The shares were sold between Monday and Wednesday from $75.92 to $77.69.
The transactions followed last week’s resignation of Lululemon Chief Executive Officer Laurent Potdevin due to misconduct. The sale marked the first time he’s sold stock since September 2014.
“This transaction was driven by a desire to reallocate a small portion of capital to those growing businesses,” Wilson said in an e-mailed statement to Bloomberg. “This transaction is not an indication of my new confidence in Lululemon to hire a cultural leader.”
Wilson still owns more than 10 percent of Lululemon’s shares through a number of entities he controls, according to Bloomberg.
