Rent the Runway CEO departs

Rent the Runway on Wednesday announced its co-founder Jennifer Hyman will step down from her role as chief executive officer, president, and board member, effective May 15.

Hyman will remain an advisor to the New York-based company through January 2027, to ensure a smooth transition. 

“Building Rent the Runway has been one of the greatest privileges of my life,” said Hyman, who co-founded the American luxury rental service in 2009,.

“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.”

Hyman is succeeded by Teri Bariquit, who is a current board member of Rent the Runway and a 37-year retail veteran. Bariquit will serve as interim CEO and president, of Rent the Runway, until a permanent replacement is found.

During her longstanding career, Bariquit has held various leadership positions at Nordstrom, Inc., where she most recently served as chief merchandising officer from 2019 to 2023.

“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.”

Last year, Rent the Runway logged a 7.7% increase in revenue to $329.8 million for fiscal 2025, on the back of a stellar fourth quarter at the luxury fashion rental platform.