Elizabeth Spaulding has stepped down as chief executive officer and board member of Stitch Fix, the apparel box retailer said Thursday. Spaulding arrived at Stitch Fix in 2020 from consultancy Bain & Co. to become president and replaced founder Katrina Lake as CEO the following year.
Lake has returned to take the CEO reins for six months or so as the company searches for Spaulding’s replacement, according to a company press release.
In a memo to employees announcing Spaulding’s departure, Lake said the company will also lay off 20% of its salaried workforce and close its Salt Lake City distribution center.
Source: Retail Dive
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