Stitch Fix Plans To Slash 20% Of Salaried Jobs, CEO Steps Down

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  • Stitch Fix Inc SFIX is slashing about 20% of its salaried jobs. In addition, the company plans to close its Salt Lake City distribution center.
  • The personal styling service provider said Elizabeth Spaulding will step down as Chief Executive Officer and as a member of the Board of Directors, effective January 5, 2023.
  • Founder and former CEO Katrina Lake has been named CEO, also effective January 5, 2023, to serve in an interim capacity for six months or until her successor is appointed.
  • Katrina Lake served as the company's CEO from its inception in 2011 until July 31, 2021. She has been a member of the Board of Directors since the company's founding.
  • SFIX reported a 22% decline in Q1 revenue and incurred a net loss of $(55.9) million.
  • Price Action: SFIX shares are trading higher by 3.75% at $3.32 on the last check Thursday.
  • Photo Via Company
Posted In: NewsPenny StocksSmall CapGeneralBriefs
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