Lake, who launched the company a decade ago, will remain at Stitch Fix as executive chairperson. The fashion subscription platform’s current president, Elizabeth Spaulding, will assume the role of CEO effective August 1.

“I have always embraced the idea that every year my role has changed,” Lake told employees in a company blog post published Tuesday, April 13. “This succession has been in the works for some time, and while change can be hard, I also believe in its transformational power.”

Spaulding joined Stitch Fix in January 2020. Previously, she served as the global head and founder of Bain & Company’s digital practice, where she focused on the consumer and technology sectors.

In her new position, Lake will focus on the company’s social impact efforts, including its entrepreneurial mentorship programme. During her tenure, she grew the startup into a $1.7 billion business with nearly 4 million active clients, according to the company.