Stitch Fix Inc. founder and Chief Executive Katrina Lake will step down from her role and assume a position as executive chairwoman, the company said Tuesday.
The online fashion retailer has named President Elizabeth Spaulding as the next CEO. She will also be elected to the board. The leadership changes will go into effect on Aug. 1, the company said.
Ms. Lake founded the company in 2011 while she was a student at Harvard Business School.
Along with online-dating company Bumble Inc. founder Whitney Wolfe Herd, Ms. Lake is one of the youngest women to take a company public. She was 34 years old when Stitch Fix began trading in 2017.
Stitch Fix’s shares have increased more than threefold in the past 12 months and tumbled over 4% after hours to around $47.
