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Posted 28 June, 2021

Stitch Fix, Inc. appointed Elizabeth Spaulding as new CEO

Nasdaq:SFIX appointed new Chief Executive Officer Elizabeth Spaulding in a 8-K filed on 28 June, 2021.


  On June 23, 2021, the Board of Directors (the "Board") of Stitch Fix, Inc. (the "Company") appointed Elizabeth Spaulding, President of the Company, as Chief Executive Officer of the Company, effective August 1, 2021.  

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Overview of Stitch Fix, Inc.
Retail/Wholesale • Clothing Retail
Stitch Fix, Inc. engages in the provision of personalized shipments of apparel, shoes, and accessories. Its main sections are men's, kids, petite, maternity, and plus apparels. The company was founded by Katrina Lake and Erin Morrison Flynn in February 2011 and is headquartered in San Francisco, CA.
Market Cap
$568M
View Company Details
Stitch Fix, Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On June 23, 2021, the Board of Directors (the "Board") of Stitch Fix, Inc. (the "Company") appointed Elizabeth Spaulding, President of the Company, as Chief Executive Officer of the Company, effective August 1, 2021. The Company previously announced on April 13, 2021, the Board's intention to appoint Ms. Spaulding as Chief Executive Officer, effective August 1, 2021. 


In connection with Ms. Spaulding's new role as Chief Executive Officer, the Compensation Committee of the Board approved a new employment agreement with Ms. Spaulding on June 24, 2021 (the "Agreement"), which amended and restated Ms. Spaulding's offer letter dated November 7, 2019 and which provides for the following benefits, effective August 1, 2021:


- an annual base salary of $650,000;

- eligibility to participate in the Company's executive bonus program, with a target bonus of 75% of base salary; and

- a stock award valued at $6,850,000, 70% to be granted in stock options and 30% to be granted in restricted stock units. The stock options will vest in equal monthly installments over forty-two months, with the first monthly vest on September 1, 2021, subject to continued service with the Company. The restricted stock units will vest in equal quarterly installments over fourteen quarters, with the first quarterly vest on September 15, 2021, subject to continued service with the Company. 

This description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which will be filed as an exhibit to the Company's next annual report on Form 10-K.


Ms. Spaulding, age 45, has served as President of the Company since January 2020. Previously, she was at Bain & Company, a global consulting firm, serving as a Partner from June 2010 to December 2019 and as a member of Bain's Board of Directors from January 2018 to December 2019. From June 2013 to December 2019, Ms. Spaulding served as Global Head of Bain's Digital practice, where she focused on expanding Bain's capabilities in software development and engineering, innovation services, as well as corporate development for new technology. She also founded and led the Bain Innovation Exchange as part of her role. Ms. Spaulding joined Bain in 1998. Ms. Spaulding holds a B.A.S. in Management and Decision Sciences, as well as in French, from Stanford University and an M.B.A. from the Stanford Graduate School of Business where she was an Arjay Miller Scholar.


Ms. Spaulding has no family relationships with any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company. Ms. Spaulding is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.


Exhibit No. Description 


104 Cover Page Interactive Data File (embedded within the Inline XBRL document)