Katrina Lake to Step Away From Stitch Fix CEO Role The Stitch Fix founder will become executive chairperson, and president Elizabeth Spaulding will move into the CEO … I am deeply confident in the future ahead for us — I can’t imagine anyone else taking our company forward with such energy, passion, and optimism, and I am so excited for Elizabeth to step into the CEO role and for us to be partners in this next chapter. The CEO, who founded the online styling service … The founder of the online personal styling service is stepping down, effective August 1, … We are lucky to have a very experienced leadership team working alongside Elizabeth as she takes this role. Katrina Lake is the founder and CEO of Stitch Fix, an online personal-shopping service. I won’t be going anywhere. Stitch Fix (NASDAQ:SFIX) dropped a bombshell on investors Tuesday night. Katrina has 7 jobs listed on their profile. I don’t consider myself a serial entrepreneur: In 2017, Lake became the youngest woman to take a company public at age 34 and was the only woman in 2017 to lead an initial public offering in technology. Elizabeth Spaulding, who got her MBA from Stanford University, stated in a recent interview with CNBC that the timing for the transition, “felt right.”, “Really, the timing felt right…Covid has accelerated everything for us as a business, and over the course of the last year, we’ve really been able to invest in our future.”. Stitch Fix founder Katrina Lake will be stepping down as CEO, effective August 1st. At Hustle Con 2013, founder Katrina Lake gave a step-by-step explanation on how she built the first version Stitch Fix without knowing a lick of code and grew the company to millions in revenue. The Broadsheet, Fortune Most Powerful Women by Kristen Bellstrom, Claire Zillman, and Emma Hinchliffe Lake’s net worth was listed as $120.0 million by Forbes in 2016 and now Katrina Lake’s Stitch Fix (an idea that started out of her apartment while at Harvard) is worth close to a whopping $1.0 billion! The Company also plans to rollout live styling, which are 30-minute video call sessions with a live stylist to co-create a Fix. Earlier today, Stitch Fix Founder and CEO Katrina Lake shared the following note with Stitch Fix employees: In founding Stitch Fix, I was inspired by a very human problem: to help people look and feel their best by finding clothes they love. After this action, Lake Katrina now owns 0 shares of Stitch Fix Inc., valued at $1,439,732 using the latest closing price. (CEO Whitney Wolfe Herd of Bumble has now taken that title.) Then you can try on the clothes at home and send anything back you don’t like. The company offers clothing options for women, men and kids. Katrina Lake (born December 24, 1982) is an American businesswoman who is the founder and CEO of Stitch Fix, a fashion-based subscription service. Lake founded Stitch Fix as a personal styling service that sent customers a "fix," or box of clothes to try on, and let them decide what to keep and what to send back. The Company also plans to rollout live styling, which are 30-minute video call sessions with a live stylist to co-create a Fix. Although she’s stepping down as CEO, Lake will not only serve as executive chairperson of the Stitch Fix executive board, but will also work on Stitch Fix’s social impact efforts and more. We have an enormous opportunity ahead of us — a massive share shift online and new expectations that consumers have to experience the world in a personalized and authentic way. She leads most of our consumer-facing and technology teams, she has defined a compelling vision for our future and accelerated the next generation of our service. The CEO, who founded the online styling service … Stitch Fix was established in 2011 in San Francisco and went public in 2017. According to a Fast Company report, Stitch Fix currently has annual revenues of $1.7 billion with nearly 4 million clients. Online personal styling service, Stitch Fix (NASDAQ:SFIX) announces that Founder and CEO Katrina Lake will transition to the role of Executive Chairperson of the Board, effective August 1, … Ten years into this journey, I’m even more inspired by … There is an overwhelming amount of noise in the media today. 23.6k Followers, 1,090 Following, 795 Posts - See Instagram photos and videos from Katrina Lake, Stitch Fix CEO (@katrinalake) Clothes for women and men range from $25 to $500 dollars, and users can specify their price range that they want to stick to in their style quiz. She will be replaced by Stitch Fix President Elizabeth Spaulding. Looking at a 50% off sale for Stitch Fix gets me excited and it's not that Katrina Lake, the CEO, is going anywhere. Stitch Fix founder Katrina Lake will be stepping down as CEO, effective August 1st. From helping get Fixes out the door to leading us through an IPO, I’ve had to modulate my roles and responsibilities every year to make sure I’m serving the company most impactfully, and this is no different. In 2010, Katrina Lake recruited 20 friends for an experiment: she wanted to see if she could choose clothes for them that accurately matched … The cost of healthcare has been a hot-button issue for years now. Lake will still work for Stitch Fix, serving as executive chairperson of the board. A stylist will personally curate wardrobe choices for you based off of your quiz answers. With love, excitement and deep gratitude, In addition to my role as Chairperson of the Board, I will remain an employee and be focusing my impact on some areas of the business I feel passionately about and am excited to help evolve: our social impact efforts (and our. Stitch Fix names its president, Elizabeth Spaulding, CEO and a director, effective Aug. 1. This moment of transformation in our business and our industry makes it the right time to think about the next generation of leadership at our company. What’s neat about Stitch Fix is that there is no subscription required to try out the service (you do still have to pay for the clothes, of course.). In founding Stitch Fix, I did so with the belief that we could generate great shareholder value while enabling positive change in the world, and I’m excited to focus my time more specifically on these efforts. This succession has been in the works for some time, and while change can be hard, I also believe in its transformational power. Stitch Fix founder Katrina Lake is stepping down from her role as the company’s chief executive. Most of all, we are grateful to have all of you by our sides — grateful for your passion, smarts, for the whole self you bring to your work every day. Spaulding also noted in the CNBC interview that Stitch Fix added more clients in the last two fiscal quarters than in all of 2020. She founded Stitch Fix to help women everywhere discover and explore their style through a truly client-focused shopping experience. New... You have the power to unleash your story. Most of all, we are grateful to have all of you by our sides — grateful for your passion, smarts, for the whole self you bring to your work every day. Not bad for a lady, who once thought being a doctor was in the cards! Stitch Fix announced in a press release Tuesday that founder Katrina Lake would be stepping back from her role as CEO. Based in San Antonio, Texas, she also contributes to ScreenRant, Outlander TV News, and San Antonio Magazine. View Katrina Lake’s profile on LinkedIn, the world’s largest professional community. If you’re like me, you’ll be shocked at how dead simple their first … Looking at a 50% off sale for Stitch Fix gets me excited and it's not that Katrina Lake, the CEO, is going anywhere. Ten years later, and now the company has 8,000 employees and counting. I have always embraced the idea that every year my role has changed. She was surpassed by Whitney Wolfe Herd in 2021, who took Bumble public at age 31. 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 … I am deeply confident in the future ahead for us — I can’t imagine anyone else taking our company forward with such energy, passion, and optimism. On April 13, 2021, Stitch Fix announced that CEO Katrina Lake will be stepping down to transition to Executive Chairperson effective Aug. 1, 2021. This succession has been in the works for some time, and while change can be hard, I also believe in its transformational power. In addition to my role as Chairperson of the Board, I will remain an employee and be focusing my impact on some areas of the business I feel passionately about and am excited to help evolve: our social impact efforts (and our Elevate program), the intersection between technology and sustainability, helping to identify and enable the partnerships that will fuel future marketing and merchandising efforts, and ensuring Stitch Fix continues to hire the very best talent for its future. She will remain at the … Stitch Fix founder Katrina Lake is stepping down from her role as the company’s chief executive. In honor of Women’s History Month, Glassdoor’s WinG ERG and Samantha Zupan, Vice President of Corporate Communications, hosted a dynamic fireside chat with Katrina Lake, Founder & CEO of Stitch Fix, to discuss the power of authenticity, following your path, and being a vulnerable leader, all while juggling parental duties. Right after Stitch Fix officially announced the new transition of power, stock in the company fell in value. Get Grit Daily's latest stories every day in your email. Shipping and returns are free, and users can buy clothes on demand or schedule regular deliveries. I will still be, first and foremost, in service to you all and the company. Now, we are embarking on a new chapter: a future more vast than just Fixes, that takes the personalization capability that we’ve created to its fullest potential. On Apr. When I met Elizabeth, I knew she was special and immediately saw the potential she had to create possibility for Stitch Fix. How Stitch Fix CEO Katrina Lake Learned to Embrace Her Power The founder of the $2 billion business shares how she's grown as a leader, how … In founding Stitch Fix, I did so with the belief that we could generate great shareholder value while enabling positive change in the world, and I’m excited to focus my time more specifically on these efforts. Lake started the company out of her Cambridge apartment in 2011 while completing her Harvard MBA. Early one morning last November, Katrina Lake stepped up to the podium at the Nasdaq MarketSite in Times Square, where her tech retail start-up, Stitch Fix, was about to go public. Between social media, advertisements,... Deeannah Seymour was a single mom in her 40s when she decided to apply her... Lindsey Mallon Sees Fashion as the Next Obvious Opportunity for Cryptocurrency Fanatics, ‘Crime Junkie’ Host Ashley Flowers on Her Show, COVID, and Female Voices in Podcasting, This Veteran Knows a Thing or Two About Grit, Covid Spiraling Out Of Control, Overwhelming India, Spending More on Primary Care Doctors is Key to Cutting Healthcare Costs, Here’s Why Finding Your Niche Is Essential For Business Growth, A Q&A With Deeannah Seymour, Founder of pH-D Feminine Health. (Note: This story was posted before the stock closed for the day.) Apparel retail is undergoing a reinvention, and Stitch Fix is exceedingly well-positioned to lead through it. As CEO she succeeds Katrina Lake, who becomes executive chairwoman. Stitch Fix stock is currently valued at $46.58. Spaulding succeeds Katrina Lake, … She will be replaced by Stitch Fix President Elizabeth Spaulding. Now is the right time to usher in the next generation for Stitch Fix, for our business, our people and our clients. This week, the United States experienced good news when it saw coronavirus cases falling. At Stitch Fix, that won’t be Katrina Lake for much longer. As a Grit Daily News journalist, professionalism and non-bias are essential. ), the intersection between technology and sustainability, helping to identify and enable the partnerships that will fuel future marketing and merchandising efforts, and ensuring Stitch Fix continues to hire the very best talent for its future. Customers only pay for what they keep and a styling fee which also acts as a credit to clothes one decides to keep. Stitch Fix The surprising departure of Katrina Lake from her role as Stitch Fix CEO this week left many wondering why the young founder of a hot … Katherine Stinson is an award-winning journalist and Staff Reporter at Grit Daily News, where she covers Texas and Southern states' startup and entrepreneurship news. Spaulding will also join the Board of Directors for Stitch Fix. Lake will still work for Stitch Fix, serving as executive chairperson of the board. According to a Fast Company report, the Stitch Fix stock closed the day of the announcement at $49.49, which was a decrease of 2.46 percent. Lake was actually the youngest woman to take a company public when Stitch Fix had their IPO back in November 2017. We are lucky to have a very experienced leadership team working alongside Elizabeth as she takes this role. It’s your energy and commitment to our clients that makes the future possible and makes the journey fulfilling. The quick change in tone spooked investors who had pegged Stitch Fix as an accelerating growth story. and I am so excited for Elizabeth to step into the CEO role and for us to be partners in this next chapter. We need leaders who inspire us to see and create the greatest possibility and impact we can have on the world, taking us from the 4 million clients we serve today, to the many millions more I know we can delight. Katrina is passionate about helping women achieve everyday confidence. Anyone interested in trying out Stitch Fix starts by taking a personal style quiz. Although it’s gone down recently, the value of Stitch Fix stock has increased dramatically from last year, where it was valued around $12 dollars in March 2020, according to a Fortune report. Current President Elizabeth Spaulding will replace Lake as CEO. Ten years into this journey, I’m even more inspired by this simple mission, proud of the ways we’ve made it a reality, and incredibly optimistic about our future. Lake founded Stitch Fix in 2011 while attending Harvard for her MBA. For those who have never tried Stitch Fix, the company specializes in personal styling. It will be interesting to see where Spaulding and Lake decide to take the company next in their new roles. Earlier today, Stitch Fix Founder and CEO Katrina Lake shared the following note with Stitch Fix employees: Hello, In founding Stitch Fix, I was inspired by a very human problem: to help people look and feel their best by finding clothes they love. Since joining us as President in January 2020, Elizabeth has made a broad and significant impact on our business. It’s your energy and commitment to our clients that makes the future possible and makes the journey fulfilling. We’re far from the prototypical Silicon Valley start-up. 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