Stitch Fix, an online personal styling service, appointed Matt Baer as its new chief executive officer. Founder and interim CEO Katrina Lake will stay on as executive chairperson of the board.

This appointment comes after the brand cut 20 percent of its salaried employees and its previous CEO Elizabeth Spaulding stepped down at the beginning of the year. In its most recent quarter ending in April, the company reported a 20 percent drop in year-on-year revenue and an 11 percent drop in active users.

Before stepping into this role, Baer held senior positions at Macy’s and Walmart.

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Stitch Fix to Explore Exiting UK Market in 2024

Online personalised styling service firm Stitch Fix said on Tuesday it would explore exiting the UK market in its fiscal year 2024, blaming a weakening macro environment and increasing costs.