E-commerce
Stitch Fix CEO stepping down come August
April 19, 2021
Stitch Fix Founder and CEO Katrina Lake is stepping down as the fashion clothing subscription service's top chief.
Current Stitch Fix President Elizabeth Spaulding will take the CEO role as of August 1, according to press release.
The news was met with a share dip of 5%, according to a CNBC report.
Lake started the fashion service 10 years ago and the company has about 4 million customers in the U.S. and U.K. It has struggled through the COVID-19 pandemic, laying off 18% of its employees in 2020, stating it would be hiring on new employees living in lower salary geographic locations.
Lake will remain as executive board chairperson, according to a company release, and announced her departure of CEO in a company email.
"Apparel retail is undergoing a reinvention, and Stitch Fix is exceedingly well-positioned to lead through it," she wrote in the email. "This moment of transformation in our business and our industry makes it the right time to think about the next generation of leadership at our company."
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