Chip Wilson – the controversial founder and largest shareholder of Lululemon Athletica Inc. (LULU.O)  – is dismissing recent strong financial results from the retailer and is stepping up his attacks on the company’s management and board of directors. 

“You have an honor student in Lululemon who is now performing at a C-level and has been performing at a C-level for five years,” Wilson told BNN. “Suddenly in the last quarter it gets a C-plus and all the analysts/aunts and uncles get excited.”

Earlier this week Lululemon reported revenue of about $488 million and earnings of about 30 cents per share. The results were in line with analyst expectations. But some analysts applauded the results, especially given generally disappointing first quarter performance of many other similar retailers.

Lululemon is losing its leadership position and is in danger of becoming just another retailer in an increasingly commodified athletic-wear business, said Wilson, who currently holds owns about 14 per cent of Lululemon’s outstanding shares. “These are incremental changes, it’s not innovation and it’s certainly not disruption,” said Wilson.

Lululemon CEO Laurent Potdevin defended the company’s strategy in a conference call with analysts earlier this week. Lululemon is focusing on product innovation, expanding overseas and reducing the time it takes to bring product to market, he said..

But the yoga-wear retailer has lost its way and needs wholesale changes to the board and current management, Wilson says. “There is not a single visionary on the board or management,” he said.

The war between Wilson and the Vancouver-based sportswear company have been escalating in recent weeks.  The company refused to let Wilson speak at its annual meeting earlier this month and took the unusual step of moving its meeting on-line and barring non-shareholders from listening in.

Lululemon said in a statement earlier this month that Mr. Wilson has had no involvement with the company since stepping down as a board member in February, 2015. He resigned as chairman of the board in May, 2014, after coming under fire for public statements that suggested some women were not thin enough to wear Lululemon’s clothing.

Wilson says he will continue to lobby for changes at the company. In particular, Wilson wants the Lululemon to change its board election rules so that the entire board would have to stand for re-election every year. It currently has a staggered board, where only one-third of the board’s 12-members stand for election every year.

Most Lululemon shareholders agree with him, he says. “If there is a declassified board then they feel the full value of the company can come forward and the shares will jump – I think – billions of dollars.”