Lulu’s Fashion Lounge cuts board size to six from 11

Lulu’s Fashion Lounge Holdings announced changes to its board, reducing the size from eleven to six members. Five directors, Michael Mardy, David McCreight, Danielle Qi, Caroline Sheu and Kira Yugay, have voluntarily resigned from the board, effective September 4. The company intends for McCreight and Mardy to continue to support Lulus on a strategic advisory basis. As part of the company’s commitment to cost reduction, the board has suspended payment of retainers to directors under the board’s non-employee director compensation program until further notice.