StitchFix CEO steps down, 20% of salaried workforce to be cut

Katrina Lake, CEO of Stitch Fix

Adam Jeffery | CNBC

StichFix founder Katrina Lake on Thursday announced the company will be cutting 20% of its salaried workforce and that she will reassume her post as CEO.

The brand’s current CEO Elizabeth Spaulding, who joined the company in 2020, will be stepping down effective immediately.

“I will be stepping in as interim CEO and leading the search process for our next CEO,” Lake said in a news release.

“Despite the challenging moment we are in right now, the board and I still deeply believe in the Stitch Fix business, mission and vision.”

StitchFix will also be closing their Salt Lake City distribution center.

Shares of the company were up more than 4% in morning trading after the announcements.

This story is developing. Please check back for updates.

Source

Business

Why this billionaire real estate developer is waving a red flag over data centers

December 17, 2025

A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox. Fernando de Leon, […]

Business

Birkin bag prices are sinking at auction despite high-profile sales

December 16, 2025

Close-up detail view of a gray Hermes Birkin bag in grained leather, during a street style fashion photo session, on October 28, 2025 in Paris, France. Edward Berthelot | Getty Images Entertainment | Getty Images Despite two recent blockbuster auctions for Birkin bags, overall auction prices for the iconic Hermès handbags are falling, according to […]

As catastrophe losses top 0 billion again, insurers are helping policyholders mitigate risk

Business

As catastrophe losses top $100 billion again, insurers are helping policyholders mitigate risk

December 16, 2025

Climate catastrophes like wildfires and severe storms have become more frequent and damaging in the U.S., accounting for 83% of the estimated global insured losses of $107 billion in 2025, according to a new report from Swiss Re Institute. This is the sixth consecutive year that global insured losses have surpassed $100 billion. The Los […]