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…