Stitch Fix to cut 20% of salaried jobs, CEO stepping down
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Stitch Fix announced on Thursday that it will cut 20% of its salaried workforce and that CEO Elizabeth Spaulding will step down from her post.
Spaulding, who spent only 17 months on the job, said in a statement Thursday that the online personal styling service is working to create "a leaner, more nimble organization to set the company up for a return to profitability."
|SFIX||STITCH FIX INC.||3.50||+0.29||+9.22%|
As part of this "ambitious transformation," the board and Spaulding jointly decided that she will step down. Stitch Fix founder and former CEO Katrina Lake will serve in an interim capacity until a successor is appointed.
"Despite the challenging moment we are in right now, the board and I still deeply believe in the Stitch Fix business, mission and vision," Lake said, adding that there is "a great future available for this company and we are committed to getting the company on a path to achieve it."
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