Stitch Fix announces Elizabeth Spaulding will step down as Chief Executive Officer; Founder and Chairperson of the Board Katrina Lake to become interim Chief Executive Officer

Rhea-AI Summary

Stitch Fix, Inc. (NASDAQ:SFIX) announced the departure of Elizabeth Spaulding as CEO and Board member, effective January 5, 2023. In her statement, she emphasized the need for new leadership during an ongoing transformation aimed at profitability. Katrina Lake, the company founder and former CEO, returns in an interim capacity. Lake has previously led the company to significant growth, achieving annual revenues of $1.7 billion before stepping down in 2021. The Board is set to identify a permanent successor within six months.

Positive

• Katrina Lake's return as interim CEO may stabilize the company during its transition.
• Lake's previous leadership resulted in significant company growth, including $1.7 billion in annual revenue.

Negative

• The departure of Spaulding may indicate challenges in executing the company's transformation plan.
• The need for a new CEO suggests ongoing instability and uncertainty about company direction.

SAN FRANCISCO, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ:SFIX), the trusted online personal styling service, announced today that Elizabeth Spaulding will step down as Chief Executive Officer and as a member of the Board of Directors, effective January 5, 2023.

“Stitch Fix continues to embark on an ambitious transformation and in the immediate term, the focus for the team is squarely on creating a leaner, more nimble organization to set the company up for a return to profitability. First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team. It is now time for a new leader to help support the next phase. With that context, the Board and I have made the difficult decision that I will step down as CEO.” Ms. Spaulding said. “I am proud of the new leadership team we have built, the evolution in culture we’ve created, and the products we’ve shipped. More than anything, it is a privilege to serve our clients and create many delightful moments in their lives.”

Founder and former Chief Executive Officer Katrina Lake has been named Chief Executive Officer, also effective January 5, 2023, to serve in an interim capacity for six months or until her successor is appointed, unless otherwise agreed by Ms. Lake and the Board of Directors.

“I look forward to stepping back in to lead the business and working closely with the Board of Directors to identify a successor going forward,” Ms. Lake said. “My fellow Board members and I thank Elizabeth for her service to Stitch Fix, especially during the challenges of the last couple years. We wish her the best.”

Katrina’s email to the company can be found here.

About Katrina Lake
Katrina Lake is the Founder of Stitch Fix. She served as the company’s Chief Executive Officer from its inception in 2011 until July 31, 2021, growing Stitch Fix into an industry leading business with an annual revenue during this time of $1.7bn. She has been a member of the Board of Directors since the company’s founding.

Katrina took the company public in 2017 and in doing so was the youngest woman at the time to ever take a company public. She was recognized by Parsons New School as one of the most innovative forces in Fashion, Technology, Sustainability and the Arts in 2019, and by BUILD for her entrepreneurial achievements and her personal involvement as a former BUILD Mentor. She also serves on the board of fellow disruptor, Glossier.

Katrina holds a Ms. Lake holds a B.A. in Economics from Stanford University and an M.B.A. from Harvard University.

About Stitch Fix, Inc.
Stitch Fix combines the human touch of expert stylists with the precision of advanced data science to make online personal styling accessible to everyone. Stitch Fix helps millions of clients across the United States and United Kingdom find clothing and accessories they love through a unique model that can extend far beyond the closet to define the future of shopping. For more, visit https://www.stitchfix.com.

Investor Relations Contact:
Hayden Blair
IR@stitchfix.com

Media Contact:
Kathryn Hull
media@stitchfix.com

FAQ

Who is the new CEO of Stitch Fix as of January 2023?

Katrina Lake has been named interim CEO of Stitch Fix, effective January 5, 2023.

Why did Elizabeth Spaulding step down as CEO of Stitch Fix?

Elizabeth Spaulding stepped down to allow for new leadership to support the company's transformation towards profitability.

What was Stitch Fix's annual revenue when Katrina Lake was the CEO?

Katrina Lake led Stitch Fix to achieve annual revenues of $1.7 billion.

What is the duration of Katrina Lake's interim CEO role at Stitch Fix?

Katrina Lake will serve as interim CEO for six months or until a successor is appointed.