Rent the Runway co-founder, president, board member, and CEO Jennifer Hyman will step down from her roles effective tomorrow.

Hyman will remain an advisor to the company through January next year to support the leadership transition.

The company has appointed board member Teri Bariquit as interim CEO and president.

Bariquit has 37 years of retail experience, including serving as CMO at Nordstrom. He will lead the business alongside the executive leadership team, with support from executive chairman Dhiren Fonseca and the board of directors as the company searches for a permanent CEO.

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

“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 roadmap as we continue to scale a multi-faceted platform and create new ways to power women to feel their best every day.”

Hyman co-founded Rent the Runway in 2009 and helped pioneer the clothing rental category through the company’s ‘Closet in the Cloud’ model; and became one of a small group of female founder-led companies to complete an IPO in 2021.

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

“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 the company can write its next chapter.”