Stitch Fix founder and CEO Katrina Lake is stepping down

Who’re you carrying, er, who is your CEO?

At Stitch Fix, that gained’t be Katrina Lake for for much longer. The founder of the web private styling service is stepping down, efficient August 1, the corporate introduced at the moment.

She’s going to turn into govt chairperson of the board, whereas additionally engaged on Stitch Fix’s social impression efforts, merchandising partnerships, and hiring.

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Changing Lake as CEO might be president Elizabeth Spaulding, who additionally will be a part of the board of administrators.

Lake based Stitch Fix in 2011, when she was a scholar at Harvard Enterprise Faculty, and then took it public in 2017—the youngest lady on the time to take action, in response to the San Francisco-based firm. Right now, the corporate has annual revenues of $1.7 billion with near 4 million purchasers and 8,000 staff.

Spaulding is an alumna of twenty years at Bain & Firm. Her positions there included companion and world head and founder of the digital observe.

“The impression Elizabeth has already had, mixed with the compelling future imaginative and prescient she’s mapped out and is main us towards, make this the proper time for a management transition that can usher within the subsequent era for Stitch Fix, for our enterprise, our folks, and our purchasers,” Lake stated in a written assertion.

Stitch Fix was a Quick Firm Most Progressive Firm in 2019.

In February, Brad Klingenberg, the corporate’s algorithms chief, left to turn into chief algorithms officer at Every day Harvest.

Stitch Fix inventory closed at $49.49 at the moment, down $1.25 or 2.46%.

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