: Stitch Fix stock slides after announcement of new CEO, a Macy’s veteran

Stitch Fix Inc. shares SFIX were falling more than 5% Wednesday after the online personal-styling service said that Matt Baer, a Macy’s Inc. M veteran, has been tapped as its next chief executive. Baer served as chief customer and digital officer at Macy’s and takes over the Stitch Fix role June 26. Katrina Lake, Stitch Fix’s executive chair, said in a release that she was “impressed by his experience across all areas of retail businesses and his ability to identify the interconnected opportunities to positively impact the experience of our clients in the short term.” Wedbush analyst Tom Nikic said the magnitude of Stitch Fix’s Wednesday stock slide was surprising to him. “We actually think it was a wise move to hire an executive with experience in the apparel industry, as it’s becoming increasingly clear that selling clothes online isn’t as easy a task as it once seemed,” he wrote, noting that Baer’s past experience at Walmart Inc. WMT is also compelling.

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