// Stitch Fix CEO steps down as founder takes on role in the interim
// The company had already announced a 15% cut in its workforce in June this year
Stitch Fix chief executive Elizabeth Spaulding has stepped down from the company as it reveals a further 20% cut in its workforce.
She will be replaced by founder of the online personal styling service Katrina Lake, who will serve in an interim capacity for six months or until her successor is appointed.
The company had already announced a 15% cut in its workforce in June this year, an estimated 330 people and previously, in 2020, had reduced its headcount by 1,400 in its styling division.
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Spaulding said: “The focus for the team is squarely on creating a leaner, more nimble organisation 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.”
Lake said: “I look forward to stepping back in to lead the business and working closely with the board of directors to identify a successor.
“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.”