Shares of Stitch Fix (NASDAQ: SFIX) were falling today after investors jeered the company's selection for its next CEO.

In a press release this morning, the company said that Matt Baer, a former Macy's executive, would take the reins of the struggling personalized styling service. As of 2:34 p.m. ET, the stock was down 12.4% on the news.

Stitch Fix said Baer would take over from Founder Katrina Lake, who had been serving as interim CEO since the ouster of Elizabeth Spaulding at the beginning of the year. The business performance and the stock had tumbled under Spaulding's watch.

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Source Fool.com