THE RETAIL BULLETIN - The home of retail news
Home Page
News Categories
Christmas Ads
Commentary
Department Stores
Electricals & Technology
Entertainment
Fashion
Food & Drink
General Merchandise
Grocery
Health & Beauty
Home & DIY
Interviews
Property
Retail News
Retail Solutions
Shopping Centres, High Streets & Retail Parks
Sports & Leisure
Retail Events
People in Retail Awards 2023
Retail Marketplace Strategy 2023
Omnichannel Futures 2023
Retail HR Central
Digital Transformation Strategy 2023
Customer Engagement Strategy 2023
Retail HR 2023
THE Retail Conference 2023
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Stitch Fix cuts staff as chief executive steps down

Stitch Fix has announced that its chief executive Elizabeth Spaulding has stepped down from her role and as a board director. The news comes as the… View Article

FASHION

Stitch Fix cuts staff as chief executive steps down

Stitch Fix has announced that its chief executive Elizabeth Spaulding has stepped down from her role and as a board director.

The news comes as the company confirmed that it will be cutting around 20% of salaried positions and closing its distribution centre in Salt Lake City.

Stitch Fix founder Katrina Lake said: “Elizabeth and the board of directors have made the difficult decision that Elizabeth will be stepping down as CEO to make room for a new leader. I am grateful for Elizabeth’s many contributions as president and then as CEO, and am thankful for her leadership during what has been an unprecedented time for our business and the world.”

In December, the company announced that its first quarter net revenue had fallen by 22% to $455.6 million year-on-year.

Spaulding’s departure means that Lake has returned to the chief executive role for an interim period of six months or until Spaulding’s successor is appointed.

In a statement, Spaulding said: “Stitch Fix continues to embark on an ambitious transformation and in the immediate term, 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.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News