US fashion rental platform Rent the Runway has announced that its co-founder Jennifer Hyman will step down from her positions as Chief Executive Officer (CEO), President and Board Member. The change is scheduled to take effect on May 15, 2026. Hyman, who has led the company since its founding in 2009, will remain as an advisor until January 2027 to ensure a smooth leadership transition.
The board has appointed Teri Bariquit as interim CEO and president. Bariquit is a current board member and former Nordstrom executive. She brings 37 years of retail experience to the position. From 2019 to 2023 she worked as Chief Merchandising Officer at the US department store chain. During her time at Nordstrom, she led a team of more than 1,200 professionals and was responsible for digital transformation and assortment strategies.
Chief Executive Officer Dhiren Fonseca and the Board will initiate a formal search for a permanent successor. Bariquit will work with the existing leadership team to maintain the momentum of the company’s recent strategic initiatives. This includes the advertising platform and business-to-business (B2B) services.
Legacy of the ‘Closet in the Cloud’
Hyman founded Rent The Runway with the intention of disrupting the fashion industry by introducing the concept Closet in the Cloud to revolutionize. This model created the clothing rental category and played a significant role in normalizing secondhand fashion and resale to a broader consumer base. Under her leadership, the company completed an initial public offering (IPO) in 2021, becoming one of the few women-founded companies to take this step.
In a statement, Hyman said the company is currently in a strong position. This makes it the right time for a change in leadership. She expressed pride in the community of partners and customers the brand has built over nearly two decades. The company has served millions of women and established long-term partnerships with various international designers.
Fonseca praised Hyman for her visionary leadership. He emphasized that she has transformed a start-up into a category-defining fashion technology platform. He highlighted that the company remains uniquely positioned to leverage proprietary data and artificial intelligence (AI)-based technology in the rental market.
Financial outlook and strategic growth
The company has confirmed its financial guidance for the full year 2026. This was originally presented on April 14, 2026. Double-digit sales growth with an adjusted EBITDA margin of between four and seven percent is still expected. The company remains focused on diversifying its assortment and expanding into high-growth categories such as handbags and jewelry.
Board member and managing partner at Nexus Capital Management, Damian Giangiacomo, highlighted the strong demand for rentals and the company’s ability to unlock growth through AI investments. Peter Comisar, founder of Story3 Capital Partners, added that the company is benefiting from tailwinds from scale flexibility and the expansion of rental as a service.
Bariquit’s appointment is seen as a step towards operational stability. She has already been familiar with the strategic direction of the platform since joining the board in October 2025. Her background in inventory management and brand partnerships will help the company scale its diverse businesses.
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