Fashion technology platform Rent the Runway announced that its co-founder, Jennifer Hyman, stepped down from her roles as Chief Executive Officer, President and Board member on 15 May 2026. Hyman maintained an advisory role with the firm until January 2027 to facilitate a smooth handover. Board member Teri Bariquit, a retail sector veteran with 37 years of experience, was named Interim CEO and President.
The executive change came as the Nasdaq listed company continued with a broader diversification strategy, which included investments in artificial intelligence, a media platform, an online marketplace and business-to-business services. The firm also confirmed its full year financial guidance originally issued on 14 April 2026.
Hyman co-founded the subscription clothing service in 2009, leading the business through its initial public offering in 2021. The firm worked with over 500 designer brands and handled logistics for millions of customers.
“Building Rent the Runway has been one of the greatest privileges of my life,” said Hyman. “What has made it meaningful was never just what we built — it was the people who built it with me, the partners who trusted us, and the customers who let us be part of the moments that mattered most. Rent the Runway is stronger today than it has ever been, and that is exactly why this is the right moment for me to step down so Rent the Runway can write its next chapter.”
Bariquit joined the corporate board in October 2025 after spending four decades at Nordstrom, where she worked as Chief Merchandising Officer from 2019 to 2023. She took over management of the business alongside the executive team while Executive Chairman Dhiren Fonseca and the directors launched a search for a permanent chief executive.
“Rent the Runway is a business that has fundamentally reshaped how our customers think about, access, and experience fashion,” said Bariquit. “The company is in its strongest financial position in years, with clear momentum across key initiatives, including our online marketplace, advertising and media platform, and B2B services. As I step into this role, I am focused on supporting our team and executing against our clear roadmap as we continue to scale a robust, multi-faceted platform and chart the next era of fashion discovery, creating new ways to power women to feel their best every day.”
The board expressed confidence in the company’s stability and growth trajectory, citing opportunities in product expansion, sizing flexibility and rental services.
