Stitch Fix founder Katrina Lake returns as CEO. Here are 5 others who went back to run their former companies.
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- Katrina Lake, the founder of Stitch Fix, is returning as the company's interim CEO.
- A return isn't unusual, last year Bob Iger resumed his role as CEO of Disney.
- Here are six boomerang CEOs who've returned to the companies they once ran.
Katrina Lake, the founder of the online personal styling service Stitch Fix, is returning to the company as interim CEO.
Lake told employees on Thursday that she would be resuming her role, effective immediately, and that 20% of the salaried workforce would be laid off, according to a memo shared with employees.
"I will be stepping in as interim CEO and leading the search process for our next CEO," said Lake, who is immediately replacing Elizabeth Spaulding. She was named the company's president in 2020 and CEO in August 2021. "Despite the challenging moment we are in right now, the board and I still deeply believe in the Stitch Fix business, mission, and vision."
Despite a successful run throughout COVID-19, Stitch Fix's sales dropped with the return to in-person shopping, CNBC previously reported. In June, the company announced that 15% of the salaried workforce would be laid off in the hopes to save between $40 and $60 million in the 2023 fiscal year.
Lake joins a handful of boomerang CEOs who've returned to the companies they once ran. Most recently, it was announced that Robert Iger would be retaking his role as CEO of Walt Disney Co. after the board of directors ousted its most recent leader, Bob Chapek.
Here are six CEOs who came back for a second act, listed in chronological order of their return.
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Name: Katrina Lake
Company: Stitch Fix
When she originally started: She founded the company in 2011
When she originally left: Lake stepped down from her role as CEO in August 2021 but served as the executive chairperson of the company's board.
When she returned: 2023. Lake announced she would return as interim CEO while the company looks for a replacement.
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Name: Robert Iger
Company: The Walt Disney Co.
When he originally started: 2005
When he originally left: 2020, though he remained the company's chair until 2021, when he left entirely.
When he returned: 2022. Iger returned to focus on improving Disney's streaming service, according to The Wall Street Journal.
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Name: Howard Schultz
Company: Starbucks
When he originally started: Became CEO in 1987.
When he originally left: 2000. Schultz departed his role and became global chief strategist and chairman to focus on international expansion, according to Starbucks.
When he returned: 2008 and 2022. In 2008, he replaced Jim Donald as CEO after the company's stock price dropped 50% in one year. He was tasked with bringing the company to sustainable, profitable growth, according to Starbucks.
Schultz stepped down for the second time in 2017. Then, he retired from the company and his chairman position in 2018.
In April 2022, he was reinstated as interim CEO until the next CEO, Laxman Narasimhan, could take over in 2023.
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Name: Jack Dorsey
Company: Twitter
When he originally started: Cofounded the company in 2006.
When he left: 2008. Dorsey was fired when the board of directors didn't agree with Dorsey's leadership style and gave the CEO role to his cofounder Evan Williams, according to Fortune.
When he returned: 2015. Dorsey replaced CEO Dick Costolo when Costolo stepped down from the role.
In November 2021, Dorsey resigned from Twitter.
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Name: Michael Dell
Company: Dell Inc.
When he originally started: Founded the company in 1984.
When he originally left: 2004. Dell transitioned to chairman and Kevin Rollins, the company's president, took over. The company told The New York Times that the change in titles reflected the functions the men performed. Additionally, he wanted to spend more time on his philanthropic work, according to Reuters.
When he returned: 2007. Dell assumed his old role after his successor, Rollins, was fired. Dell then bought the company out in 2013. He's still serving as the CEO.
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Name: Steve Jobs
Company: Apple
When he originally started: Cofounded the company in 1976. However, Michael Scott was hired as CEO in 1977.
When he originally left: Jobs was fired in 1985 after a failed boardroom coup. He went on to launch the startup NeXT.
When he returned: 1997. John Sculley was replaced by Michael Spindler, who was later replaced by Gil Amelio. But in 1996, Apple acquired NeXT and brought Jobs back to Apple. He became CEO the following year and stayed in the role until he died of pancreatic cancer in 2011.
Correction: November 22, 2022 — An earlier version of this story misstated the year when Robert Iger became CEO of Disney. It was 2005, not 2015.
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