Rent the Runway Cofounder and CEO Exits Company

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After 17 years at the helm of the OG fashion rental company, Jennifer Hyman is stepping down at Rent the Runway. As of Friday, she will vacate her position as president and CEO as well as her position on the company’s board, though she will stay on as an advisor through January 2027.

“Building Rent the Runway has been one of the greatest privileges of my life,” said Hyman, via a statement. “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.”

Rent the Runway Chicago store (Facebook)

Rent the Runway board member and former Nordstrom merchandising chief, Teri Bariquit, will step in as interim CEO and president while the board searches for a permanent successor.

Rent the Runway went public in 2021 with a valuation of $1.2 billion, but has failed to live up to that number under Hyman’s leadership. They’ve since racked u more than a billion dollars in losses and accrued a huge amount of debt, justifiably spooking u=investors to the point that the company’s currently market capitalization (the value of their stock) is around $143 million.

Things have been looking up for the company recently, though. In 2025, revenues increased 7.7 percent to $329.8 million while active subscribers rose 8.3 percent to 143,558, earning the company $22.6 million in net profits — a profitable period following years of deepening debt. However, this small rise in the company’s fortunes was not enough to keep Hyman in the corner office.

“Rent the Runway is a business that has fundamentally reshaped how our customers think about, access and experience fashion,” said interim CEO, 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.”