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Stitch Fix shares fall as founder Katrina Lake steps down as CEO

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Stitch Fix shares fell more than 5% Tuesday afternoon after the company announced that founder Katrina Lake would step down as CEO.

The company’s president, Elizabeth Spaulding, will start as chief executive on Aug. 1, according to a news release.

Lake founded the online styling service a decade ago when she was a student at Harvard Business School. The company adds a personal touch to e-commerce by having employees pick out clothing and accessories for customers who subscribe to the service or sign up for a “Fix.” The items, tailored to each person’s style, are delivered by mail and include a pre-paid envelope for returns. Customers only pay for what they keep and the styling fee is…



Source cnbc.com

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