- Push-out Score determined
- After almost 11 years in the position
- Accolades, praise and thanks for Lake
- Elizabeth Spaulding taking over
- Lake will remain as Executive Chairperson at Stitch Fix
- Lake said 99 words
(exechange) — San Francisco, California, April 13, 2021 — Katrina Lake, chief executive of Stitch Fix, leaves her position. As announced by Stitch Fix Inc. in a news release and in a regulatory filing published on Tuesday, April 13, 2021, Katrina Lake leaves her post as chief executive officer at the online fashion retailer after almost 11 years in the role, effective August 1, 2021.
Katrina Lake’s duties as CEO will be taken over by Elizabeth Spaulding, currently President at Stitch Fix Inc.
“The right time for a leadership transition”
Katrina Lake’s departure from the CEO post is explained as follows. Lake said: “The impact Elizabeth has already had, combined with the compelling future vision she’s mapped out and is leading us toward, make this the right time for a leadership transition that will usher in the next generation for Stitch Fix, for our business, our people and our clients.”
Lake will remain as Executive Chairperson at Stitch Fix
“Founder and CEO Katrina Lake will transition to the role of Executive Chairperson of the Board, effective August 1, 2021,” Stitch Fix said.
Stitch Fix said: “On April 13, 2021, Katrina Lake notified Stitch Fix, Inc. (the “Company”) of her intention to step down as Chief Executive Officer, and the Company announced that Elizabeth Spaulding, President of the Company, will succeed Ms. Lake as Chief Executive Officer of the Company, each effective August 1, 2021.”
Share price decline since February 2021
The announcement follows a decline in Stitch Fix Inc.’s share price of 40% since February 2021.
In the position of CEO since 2011
Katrina Lake became CEO of the Company in 2011.
Lake will remain closely connected to the company.
In addition to her role as Executive Chairperson, she will remain an employee with a focus on Stitch Fix’s social impact efforts, in particular the intersection between sustainability and technology in apparel retail.
She will also continue her engagement with the brand and merchandising partnerships that fuel the Company’s marketing, and retain a close connection with the Company’s leadership, to ensure the Company hires the very best talent for Stitch Fix’s future.
Lake is the Company’s founder and has served as the Company’s Chief Executive Officer and a member of the Company’s Board since the Company’s inception in 2011.
Lake holds a B.A. in Economics from Stanford University and an M.B.A. from Harvard University.
Read the full story in the exechange report 16.2021 ($).