Stitch Fix Inc. SFIX Chief Executive Elizabeth Spaulding will step down from her role effective today, while founder Katrina Lake will take over on an interim basis. Spaulding had assumed the CEO role in August 2021. She said in a release that “it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team” but that it’s “now time for a new leader to help support the next phase.” Lake, who is the chairperson of the board of directors and who held the CEO position previously, will serve as interim CEO for six months, until her successor is appointed, or until another agreement is reached. “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,” Lake said in the release. Shares of Stitch Fix are off about 2% in morning trading. They’ve lost more than 80% over the past 12 months as the S&P 500 SPX has dropped 19%.
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