When Elizabeth Spaulding became president of Stitch Fix in 2020, setting her up to be its next CEO, the company's investors were initially impressed. Shares soared on the belief that Spaulding, a well-regarded management consultant with pedigree from the elite firm Bain & Company and unimpeachable tech cred, would be the leader to reignite the one-time e-commerce darling.
Investors' hopes were ultimately dashed. Spaulding became CEO in April 2021, but stepped down from the top job less than two years later amid declining sales and mass layoffs. Analysts said that Spaulding, for all her digital savvy, needed more of the on-the-ground apparel industry experience that can only be gained by years of working in the industry.
