The Street has set off a wave of speculation about a board member at Lululemon, after reporting that she’s impossible to locate.
Reporter Anders Keitz tried to contact Rhoda Pitcher, who has been on the board of the company for longer than anyone else — more than ten years — but says she ran into some problems.
The Street says it couldn’t verify much of her work experience. A consulting agency that she founded doesn’t have a website, the university from which she received her masters’ degree isn’t accredited and its address is a residence, the Street reported.
However, her consulting firm, Rhoda M. Pitcher, Inc. was reportedly confirmed to exist. The Street said it was registered by the Aguiar Group in Washington, though Aguiar CEO Carmen Aguiar wouldn’t comment on the issue. The business address for the firm appeared to be a home, according to The Street.
There is little on the Internet about Pitcher other than vague biographies. She is also on the advisory board of Educurious, an education company based in Washington, according to Educurious’ website. Business Insider reached out to Educurious, but hasn’t heard back yet.
A representative for Lululemon didn’t immediately respond to Business Insider. Here’s what the company said about Pitcher in a recent SEC filing:
Rhoda M. Pitcher has been a member of our board of directors since December 2005. Since 1996 she has served as Managing Partner of Rhoda M Pitcher Inc., a management consulting firm providing services in organizational strategy and the building of executive capability to Fortune 500 corporations, institutions, start-ups and non-profits. From 1978 to 1997, Ms. Pitcher co-founded, built and sold two international consulting firms. Ms. Pitcher holds a Master’s degree in Organisation Development from University Associates. Our board of directors selected Ms. Pitcher to serve as director because she has extensive experience in management consulting, culture development and strategic planning. Our board of directors believes her considerable knowledge of our business gained from more than 10 years as a director of Lululemon makes her well suited to provide advice with respect to our strategic plans, culture and marketing programs.
The same filing said that Pitcher owns about 24,000 shares of Lululemon stock.
Here’s The Street’s Jim Cramer discussing the issue on CNBC today:
A few weeks ago, Lululemon founder Chip Wilson wrote an open letter to shareholders, claiming that the company has “lost its way.”
In an interview with Business Insider, Wilson said that one of the company’s biggest problems was “board entrenchment,” meaning that executives haven’t been flexible about making changes to the business.
Chip Wilson’s representatives did not immediately respond to Business Insider’s requests for comment.
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