​Stitch Fix on Wednesday named former Macy's executive Matt Baer as the online personalized styling service firm's CEO, effective June 26.

Baer will take over from Stitch Fix's founder Katrina Lake, who had assumed the top role on an interim basis in January after Elizabeth Spaulding had stepped down as chief executive.

Lake would continue in her role as the executive chairperson of the board, the company said.

Baer had worked with department store Macy's as its chief customer and digital officer and has also served as the vice president of e-commerce at Walmart.com.

The CEO announcement comes a week after Stitch Fix said it would explore exiting the UK market in its fiscal year 2024, blaming a weakening macro environment and increasing costs.

Stitch Fix shares were trading down more than 3% in the morning on Nasdaq.