Lululemon Athletica Inc's (LULU.O) founder Chip Wilson called for annual election of the Canadian yogawear retailer's board to hold members accountable for the company's performance.

Wilson, in a letter to shareholders on Wednesday, said that a declassification of the board would make more responsive to shareholders as opposed to a staggered board, which results "in entrenched directors and management."

Wilson, the company's largest shareholder, said he was not convinced that Lululemon had the right leadership to make changes necessary to "win in the current global, multi-channel and dynamic environment."

The company's shares were up 1.4 per cent at US$65.94 in afternoon trading.

"Unfortunately, Lululemon has lost its way and I believe a call to action is needed," Wilson wrote. "I feel strongly that our current board and management team must clearly articulate and execute a strategy with urgency towards regaining Lululemon’s competitive advantage and profitable growth and they must take responsibility."

--With files from BNN.ca staff