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Stitch Fix CEO and founder Katrina Lake is being replaced by company president Elizabeth Spaulding. Spaulding has led many of Stitch Fix's direct-buy initiatives. Analysts say that Stitch Fix runs a risk by moving too far away from what it is known for. Stitch Fix announced in a press release Tuesday that founder Katrina Lake would be stepping back from her role as CEO. She will remain at the company as executive chairperson and be replaced by Elizabeth Spaulding, who is currently the company's president. Spaulding will step into the role on August 1. The company's stock immediately fell on the news. Lake is a well-respected founder and executive, having launched Stitch Fix in 2011, when she was a student at Harvard Business School.