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Stitch Fix Slides on CEO Change

Published 04/14/2021, 10:04 AM
Updated 04/14/2021, 10:05 AM
© Reuters.

By Christiana Sciaudone

Investing.com -- Stitch Fix (NASDAQ:SFIX) dropped almost 4% after news the CEO and founder is stepping down.

Katrina Lake will transition to the role of executive chairperson effective Aug. 1, and Elizabeth Spaulding, currently president of the online personal styling service, will become chief executive officer. Lake will remain "closely connected" to the company, focusing on social impact, including sustainability.

Stitch Fix has tumbled more than 50% since hitting a record in late January, after which Stifel called the stock overvalued. That was followed in March by a report that revenue from the quarter ended in January missed estimates, which pushed shares down more than 20%. 

Last week, Evercore initiated coverage with a buy-equivalent and $78 price target, calling it a "COVID recovery play as closets need to be restocked," according to StreetInsider.

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