Stitch Fix Adds Timothy Baxter and Fiona Tan to its Board of Directors

Rhea-AI Summary

Stitch Fix (NASDAQ: SFIX) has appointed Timothy Baxter and Fiona Tan to its Board of Directors, effective Oct. 14. Baxter, former CEO of Express, Inc. and Chief Merchandising Officer of Macy's, brings over 30 years of retail leadership experience. Tan, current CTO of Wayfair Inc. and former SVP of Technology at Walmart U.S., contributes 25+ years of technology and innovation expertise.

CEO Matt Baer emphasized the value of their combined experience in apparel retail, merchandising, and retail technology as Stitch Fix undergoes a transformation. The company aims to deliver a client-centric, personalized shopping experience and drive sustainable, profitable growth. Founding investor Steve Anderson has resigned from the Board after 13 years of service.

Positive

• Addition of two experienced retail leaders to the Board of Directors
• Timothy Baxter brings 30+ years of retail and merchandising expertise
• Fiona Tan contributes 25+ years of retail technology and innovation experience
• Board expansion aligns with company's transformation strategy
• Focus on delivering client-centric and personalized shopping experience

Negative

• Resignation of long-time board member and founding investor Steve Anderson

Baxter previously served as Chief Executive Officer of Express, Inc. and Chief Merchandising Officer of Macy’s, Inc.; Tan is Chief Technology Officer of Wayfair Inc. and Former Senior Vice President of Technology at Walmart U.S.

SAN FRANCISCO, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ: SFIX), the leading online personal styling service, today announced that it has appointed Timothy Baxter and Fiona Tan to its Board of Directors, effective Oct. 14.

“Tim and Fiona are highly respected retail leaders, and we are excited to welcome them to the Stitch Fix Board of Directors,” said Matt Baer, Chief Executive Officer, Stitch Fix. “We are currently in the midst of a transformation, and Tim’s extensive background in apparel retail and merchandising, in combination with Fiona’s deep expertise in retail technology, will prove invaluable as we execute our strategy to deliver the most client-centric and personalized shopping experience and drive sustainable, profitable growth in the future.”

Baxter has more than 30 years of retail leadership experience. In his most recent role, he served as Chief Executive Officer of fashion apparel retailer Express, Inc., where he is credited with reinvigorating the Express brand, accelerating the company’s digital presence, and streamlining its operations. Prior to joining Express, Baxter was Chief Executive Officer of Delta Galil Premium Brands, a group of specialty retail apparel brands including 7 For All Mankind and Splendid. Previously, Baxter spent more than 25 years at Macy’s, Inc. and the former May Department Stores in various leadership roles, most recently serving as Chief Merchandising Officer of Macy’s.

“Stitch Fix’s client-centric approach to shopping for apparel addresses a tangible need in the market, providing a compelling alternative to the traditional shopping models that are often frustrating for customers,” said Baxter. “As the company continues to execute its strategy, I believe it is well positioned to drive growth in the future. I look forward to partnering with Katrina, Matt and the rest of the Board to support Stitch Fix during this transformative time for the company.”

Tan has more than 25 years of experience leading technology and innovation teams at retail and software companies. She currently serves as Chief Technology Officer of Wayfair Inc., a leading home retailer that's leveraged machine learning and AI across its operations for over a decade, where she oversees the global technology team. Prior to Wayfair, Tan was Senior Vice President of Technology at Walmart U.S., where she led innovation and engineering execution spanning its site, mobile app and all associate and merchant-facing technology across its e-commerce and stores businesses in the U.S. Prior to Walmart, Tan held leadership roles at Ariba, TIBCO Software and Oracle Corporation.

“The Stitch Fix team built a powerful value proposition that leverages its technology and extensive data, as well as insights from its team of Stylists, to deliver a highly personalized retail experience,” said Tan. “As Stitch Fix reimagines its client experience, I’m looking forward to working alongside the leadership team and the entire Board of Directors to support the company’s transformation.”

Additionally, Steve Anderson, a founding investor in Stitch Fix, who has served on the Stitch Fix Board since 2011, has resigned from his position, effective Sept. 6.

“I would like to thank Steve for his unwavering support and guidance as well as the active role he played on our Board over the past thirteen years,” said Katrina Lake, Founder and Executive Chairperson, Stitch Fix. “As we continue to execute our transformation, I look forward to partnering with Fiona and Tim, whose insights will be critical to helping us deliver on our mission of helping our clients discover the styles they will love.”

With the upcoming additions of Baxter and Tan, the Stitch Fix Board of Directors will comprise eight total directors. Additional board members include Katrina Lake (Founder and Executive Chairperson, Stitch Fix), Matt Baer (Chief Executive Officer, Stitch Fix), Kofi Amoo-Gottfried (Chief Marketing Officer, DoorDash), Bill Gurley (General Partner, Benchmark Capital), Sharon McCollam (President and Chief Financial Officer, Albertsons Companies) and Liz Williams (Chief Executive Officer, El Pollo Loco).

About Stitch Fix, Inc.

Stitch Fix (NASDAQ: SFIX) is the leading online personal styling service that helps people discover the styles they will love that fit perfectly so they always look - and feel - their best. Few things are more personal than getting dressed, but finding clothing that fits and looks great can be a challenge. Stitch Fix solves that problem. By pairing expert stylists with best-in-class AI and recommendation algorithms, the company leverages its assortment of exclusive and national brands to meet each client's individual tastes and needs, making it convenient for clients to express their personal style without having to spend hours in stores or sifting through endless choices online. Stitch Fix, which was founded in 2011, is headquartered in San Francisco. For more information, please visit https://www.stitchfix.com.

IR Contact: Hayden Blair ir@stitchfix.com

PR Contact: Liz Nunan media@stitchfix.com

FAQ

Who are the new board members appointed to Stitch Fix (SFIX)?

Stitch Fix (SFIX) has appointed Timothy Baxter, former CEO of Express, Inc., and Fiona Tan, current CTO of Wayfair Inc., to its Board of Directors, effective October 14, 2024.

What experience does Timothy Baxter bring to Stitch Fix's (SFIX) board?

Timothy Baxter brings over 30 years of retail leadership experience to Stitch Fix (SFIX), including roles as CEO of Express, Inc. and Chief Merchandising Officer of Macy's.

What is Fiona Tan's background in joining Stitch Fix's (SFIX) board?

Fiona Tan, currently CTO of Wayfair Inc., brings more than 25 years of experience leading technology and innovation teams at retail and software companies, including a role as Senior VP of Technology at Walmart U.S.

Why did Stitch Fix (SFIX) appoint new board members in September 2024?

Stitch Fix (SFIX) appointed new board members to support its ongoing transformation, aiming to deliver a more client-centric and personalized shopping experience and drive sustainable, profitable growth.

Who left the Stitch Fix (SFIX) board in September 2024?

Steve Anderson, a founding investor who had served on the Stitch Fix (SFIX) Board since 2011, resigned from his position effective September 6, 2024.