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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.

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