Rent the Runway co-founder Jennifer Hyman to step down as CEO
US fashion rental platform Rent the Runway has announced that its co-founder, Jennifer Hyman, will resign from her roles as chief executive officer, president, and board member. The transition is set to take effect on May 15, 2026. Hyman, who has led the company since its inception in 2009, will remain as an advisor until January 2027 to facilitate a smooth leadership handover.
The board of directors has appointed Teri Bariquit, a current board member and former Nordstrom executive, as interim CEO and president. Bariquit brings 37 years of retail experience to the position, notably serving as the chief merchandising officer at the US department store chain from 2019 to 2023. During her tenure at Nordstrom, she managed a team of more than 1,200 professionals and oversaw digital transformation and product assortment strategies.
Executive chairman Dhiren Fonseca and the board will initiate a formal search for a permanent successor. Bariquit will collaborate with the existing executive leadership team to maintain the momentum of the company's recent strategic initiatives, including its advertising platform and business-to-business (B2B) services.
Legacy of the 'Closet in the Cloud'
Hyman co-founded Rent The Runway with the intention of disrupting the fashion industry by introducing the 'Closet in the Cloud' concept. This model effectively created the clothing rental category and played a significant role in normalizing second-hand fashion and resale for a broader consumer base. Under her leadership, the company completed an initial public offering (IPO) in 2021, becoming one of a limited number of female-founded businesses to do so.
In a statement, Hyman noted that the business is currently in a strong position, making it the appropriate time for a leadership change. She expressed pride in the community of partners and customers the brand has cultivated over nearly two decades. The company has served millions of women and established long-term partnerships with various global designers.
Fonseca praised Hyman for her visionary leadership, noting that she transformed a startup into a category-defining fashion technology platform. He emphasized that the business remains uniquely positioned to leverage proprietary data and artificial intelligence (AI) driven technology within the rental market.
Financial outlook and strategic growth
The company has reaffirmed its financial guidance for the full year 2026, which was originally presented on April 14, 2026 and continues to expect double-digit revenue growth with adjusted EBITDA margin of between 4 percent to 7 percent. The company continues to focus on diversifying its inventory, expanding into high-growth categories such as handbags and jewellery.
Board member and managing partner at Nexus Capital Management, Damian Giangiacomo, highlighted the strong demand for rental and the company’s ability to unlock growth through AI investment. Peter Comisar, founder of STORY3 Capital Partners, added that the business is benefiting from tailwinds related to sizing flexibility and the expansion of rental as a service.
The appointment of Bariquit is seen as a move to provide operational stability. Having joined the board in October 2025, she is already familiar with the strategic roadmap of the platform. Her background in inventory management and brand partnerships is expected to support the company as it seeks to scale its multi-faceted operations.