Rent the Runway Founder Departs After 18 Years

Jennifer Hyman, the founder of Rent the Runway, has announced her departure from the company after 18 years. She will advise during the transition but will not remain on the board of directors. Hyman stated that she is leaving the company in its strongest financial and operational position to date. In the last 12 months, Rent the Runway processed $4.6 billion in gross merchandise value and achieved a record number of active subscribers in Q4 of last year. The company's stock price has seen a significant decline since its 2021 IPO, trading at approximately $4.44 recently. However, Hyman points to other successes, including an overhauled inventory model where 70% of inventory is on revenue-share agreements, and nearly $330 million in revenue last year. Moving forward, Teri Bariquit, a current board member and former Nordstrom executive, will serve as the interim CEO. The board is actively searching for a permanent successor to lead Rent the Runway into its next chapter. Hyman plans to launch a new, unspecified project focused on helping women achieve their goals. She reflects on her time at Rent the Runway as a significant contribution, dedicating more time to it than to her family. Rent the Runway's IPO in 2021 was notable, with Hyman being one of the few female founders to take a company public as CEO, COO, and CFO. She emphasizes the importance of leaving a company at its strongest point, ensuring its continued success without her direct leadership.