According to an internal company memo obtained by Sole Retriever, StockX is undergoing a company-wide restructuring that has shaken up its executive team. StockX has confirmed that around 40 team members in corporate roles were impacted — a significant number of whom were in senior leadership positions that were consolidated. Those impacted were provided severance packages, health benefits, professional outplacement services, employee assistance plan (mental health support), extended stock option exercise window, 401K match vesting and the option to keep company laptops.
Among the departures are the company's Chief Marketing Officer, Deena Bahri, Chief Communications Officer, Terra Carmichael, and Chief People Officer, Tracy Coté. The company has confirmed that the search for a new CMO to replace Bahri is underway.
Since its founding in 2015, StockX has been embroiled in several controversies, most notably an ongoing lawsuit with Nike. Other events, such as multiple layoffs over the last few years, skepticism about their authentication process, and more, have cast a shadow over the company.
As part of the restructuring, Laura Lewis, General Counsel at StockX, will operate in an expanded role as Chief Admin Officer. Katy Cockrel who was previously VP of Communications was elevated to Head of Global Communications and will also join the company's leadership team. Despite the addition of Laura and Katy, the absence of women in the C-suite, particularly in a company that prides itself on being at the forefront of modern e-commerce, comes as a bit of a shock. Prior to the recent restructure 36% of StockX's leadership team was made up of women and now it is closer to 22%. It reflects a broader problem within the tech and corporate world, where diversity and inclusion are often touted but not always practiced.
Not only could this be viewed as a step back for gender equality within the company, but also for StockX's chances of going public in the future. Since the start of a legal battle with Nike in 2022, the discussion of an IPO for StockX was put on hold. Since then, no updates have been provided. StockX's future, amidst these turbulent changes, remains uncertain.
While the company remains a key player in the secondary sneaker market, these recent decisions might impact its public image and internal dynamics.
StockX has issued the following statement regarding the company's restructuring, "Our business is multifaceted and continues to evolve. To better align with StockX's current strategic priorities, today we announced an organizational restructuring. This includes consolidating and shifting several leadership roles to create a flatter, more streamlined organization that enables faster decision-making, increased visibility, and better cross-functional collaboration. We remain focused on our mission to empower everyone to trade what they love and thank the many team members who have contributed to this effort."
