Elliott Investment Management has increased its position in the Vancouver-based athleisure retailer to more than US$1 billion, making it one of Lululemon’s largest investors, and it wants former Ralph Lauren executive Jane Nielsen to become the firm’s next CEO, according to The Wall Street Journal’s sources. (The Wall Street Journal)

Talking point: Lululemon’s shares rose roughly five per cent in mid-day trading. Amid slowing sales growth, a slumping share price and increased competition, the company announced last week that CEO Calvin McDonald would step down as of Jan. 31, but said it has yet to identify a successor. It has faced frequent criticism from its founder Chip Wilson, who called the lack of succession planning a “tremendous failure.” Wilson remains a major shareholder and his statement last week suggested he wants a say in how the company should choose its next CEO. His spokespeople did not immediately respond to a request for comment. Lululemon also did not respond to a request for comment. – Aleksandra