The founder of Vancouver based Lululemon, Chip Wilson, has agreed to sell half his stake in the company for $845 million (USD).

The sale represents 13.85 per cent of Lululemon’s outstanding shares, but Wilson will still own 20.1 million shares.

The sale will also see the company’s current boar expand from 10 to 12 members and there will be a shuffle of its existing members. Senior members David Mussafer and Steve Collins will be moved to the board, with Mussafer taking on the role as co-chairman.

"The Lululemon Board is pleased that Chip and Advent are partnering in this transaction," said Michael Casey, Chairman of the Lululemon Board of Directors. "We welcome the opportunity to work with David and Steven, who have significant specialty retail experience and are deeply familiar with Lululemon's unique culture, having previously served as members of our Board. They will bring valuable expertise and important perspective to Lululemon. Our Board and management team have been consistently focused on enhancing shareholder value and these agreements are important for the Company and all of our stakeholders."

Wilson has been at odds with the Lululemon board over the past year, in June he voted against two directors who were returning to the board. He argued that they didn’t have views that aligned with the company’s core values.

The purchase is expected to close within 30 to 60 days.