Stitch Fix founder steps down as CEO, president to take over

Stitch Fix Inc [SFIX] said on Tuesday founder Katrina Lake would hand over the reins to the online apparel firm to President Elizabeth Spaulding, who is set to replace her as chief on Aug. 1.

The personalized clothing provider said Lake would transition to the role of executive chairperson of the board.

Shares in Stitch Fix declined about 2% in extended trading.

Spaulding spent more than two decades at consultancy Bain & Co before joining Stitch Fix as president last year, with her current role involving improving shopping experiences and expanding the company’s international presence.

“The compelling future vision she’s (Spaulding) mapped out and is leading us toward make this the right time for a leadership transition that will usher in the next generation for Stitch Fix,” Lake wrote in an email shared with the company.

Lake founded Stitch Fix in 2011 and took it public in 2017, becoming the youngest woman at the time to take a company public, the San Francisco-based firm said.

Stitch Fix has posted double-digit increases in revenue in the last two quarters, as the COVID-19 pandemic accelerated the shift to online shopping.

Source: Reuters