Rent the Runway Inc. (NASDAQ: RENT) announced that co-founder Jennifer Hyman will step down as chief executive officer, president and board member effective May 15, 2026. Teri Bariquit, a current board member and 37-year retail veteran, has been appointed interim CEO and president.

Hyman will remain as an advisor to the company through January 2027 to facilitate the transition. Bariquit previously served as chief merchandising officer at Nordstrom Inc. (NYSE: JWN) from 2019 to 2023 and has been a Rent the Runway board member since October 2025.

The company's board of directors will conduct a search for a permanent CEO. Executive Chairman Dhiren Fonseca and the board will support Bariquit and the executive leadership team during the transition period.

Hyman co-founded Rent the Runway in 2009 and led the company through its initial public offering in 2021. Under her leadership, the company developed its clothing rental platform and served millions of customers while establishing partnerships with fashion designers.

At Nordstrom, Bariquit managed a team of more than 1,200 professionals across buying, planning, product development and inventory management. She oversaw digital transformation initiatives and product assortment optimization during her tenure at the department store retailer.

Rent the Runway reaffirmed its full-year 2026 financial guidance that was previously announced on April 14, 2026. The company operates a subscription-based clothing rental service and marketplace platform for designer fashion items.

The information is based on a company press release statement.