Lake, who founded NASDAQ-listed Stitch Fix in 2011 assumes the position of interim CEO on 5 January, following the departure of Spaulding who said the company continues to embark on an ambitious transformation and needed a new leader to help support this phase.

“Stitch Fix continues to embark on an ambitious transformation and in the immediate term, the focus for the team is squarely on creating a leaner, more nimble organisation to set the company up for a return to profitability,” Spaulding said.

“First as president and then as CEO, it has been a privilege to lead in an unprecedented time, and to chart the course for the future with the Stitch Fix team. It is now time for a new leader to help support the next phase. With that context, the board and I have made the difficult decision that I will step down as CEO. I am proud of the new leadership team we have built, the evolution in culture we’ve created, and the products we’ve shipped. More than anything, it is a privilege to serve our clients and create many delightful moments in their lives.”

Lake will be in the CEO role for six months or until her successor is appointed unless otherwise agreed with the board of directors.

“I look forward to stepping back in to lead the business and working closely with the board of directors to identify a successor going forward,” she said. “My fellow board members and I thank Elizabeth for her service to Stitch Fix, especially during the challenges of the last couple years. We wish her the best.”

Stitch Fix launched in the UK in 2019 with an aim to change shopper habits.

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