Stitch Fix, Inc. (SFIX): restructuring charge — Stitch Fix CEO Elizabeth Spaulding steps down; Founder Katrina Lake named interim CEO; workforce cut by 6%

Stitch Fix, Inc.

CEO Elizabeth Spaulding steps down effective Jan 5; receives 12 months salary and 15 months healthcare in separation.
Founder Katrina Lake, previously Executive Chair, appointed interim CEO for six months or until successor named.
New reduction in force eliminates ~6% of total workforce (~20% of salaried positions); estimated $15M-$20M cash charges.
Company already incurred $18.7M in restructuring charges from prior 2022 plan that cut 15% of salaried roles.
Lake receives options for 200k shares (150k cliff vesting by Jul 5 or successor date; 50k vest on successor's first day).

item 2.05 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Elizabeth Spaulding

Chief Executive Officer

SFIX · Stitch Fix, Inc.

Effective: 2023-01-05
Successor: Katrina Lake
Filed: January 5, 2023, 6:59 PM ET

the Company and Elizabeth Spaulding, the Company’s Chief Executive Officer, agreed that she would step down from her employment with the Company and from the Board of Directors, effective January 5, 2023.

Appointed (interim)

Katrina Lake

Chief Executive Officer

SFIX · Stitch Fix, Inc.

Effective: 2023-01-05
Filed: January 5, 2023, 6:59 PM ET

the Board of Directors appointed Katrina Lake, the Company’s Founder and Executive Chairperson of the Board of Directors, as Chief Executive Officer, effective January 5, 2023, to serve in an interim capacity

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Elizabeth Spaulding departed as Chief Executive Officer at Stitch Fix, Inc..

Action: stepped down
Role: Chief Executive Officer

Exact text from the filing

the Company and Elizabeth Spaulding, the Company’s Chief Executive Officer, agreed that she would step down from her employment with the Company and from the Board of Directors, effective January 5, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Katrina Lake was appointed as Chief Executive Officer at Stitch Fix, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

the Board of Directors appointed Katrina Lake, the Company’s Founder and Executive Chairperson of the Board of Directors, as Chief Executive Officer, effective January 5, 2023, to serve in an interim capacity

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Stitch Fix, Inc. announced a restructuring with charges of between $15 million and $20 million (approximately 6% of the Company’s current employee workforce, including approximately 20% of employees in salaried posit).

Type: restructuring
Charge: between $15 million and $20 million
Headcount: approximately 6% of the Company’s current employee workforce, including approximately 20% of employees in salaried posit

Exact text from the filing

As a result of the January 2023 Reduction in Force, the Company estimates that it will incur between $15 million and $20 million in cash restructuring charges for separation-related payments, benefits, and related taxes.

View on SEC.gov

Browse all restructurings & charges →

Stitch Fix, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-002459

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