Stitch Fix CEO Elizabeth Spaulding steps down

Elizabeth Spaulding, CEO of online personal styling service Stitch Fix, has stepped down as CEO and as a member of the Board of Directors, effective immediately.

Katrina Lake, Founder and Chairperson of the Board, will step in as interim CEO. She previously served as the company’s CEO from its inception until June 2021. During this time, she grew Stitch Fix into an industry-leading business with an annual revenue of £1.4 billion ($1.7 billion).

Lake commented: “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. 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.”

Lake has remained a member of the Board of Directors since the company’s founding. She also serves on the board of Glossier. In 2017 she took the company public, becoming the youngest woman at the time to ever take a company public.

Commenting on her exit, Elizabeth Spaulding added: “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.

“I am proud of the new leadership team we have built, the evolution in the 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.”

This follows the news that Stitch Fix planned to reduce its total workforce by 15% last June after revenue loss in Q3.