Rent the Runway co-founder Jennifer Hyman is stepping down as chief executive officer after nearly two decades leading the fashion rental platform she helped launch in 2009.
The company said former Nordstrom executive Teri Bariquit will become interim CEO and president on Friday. Bariquit, who spent almost 40 years at Nordstrom and previously served as the retailer’s chief merchandising officer, joined Rent the Runway’s board in October 2025.
Hyman will also step down as president and leave the company’s board, though she plans to remain as an adviser through January to support the leadership transition.
Hyman co-founded Rent the Runway alongside Jennifer Fleiss, building the business around a subscription-based model that gave consumers access to designer fashion without purchasing garments outright. The company disrupted traditional apparel retail but has faced ongoing profitability challenges since launching.
In a LinkedIn post announcing her departure, Hyman said the company was entering a stronger position.
“Today, after 18 years I have decided to step down as Rent The Runway’s CEO and from the Board of Directors,” she wrote. “I firmly believe that RTR is in a stronger position than it’s ever been, which is why this is as good a time as any to let RTR write its next chapter.”
Bariquit said the business had gained momentum in recent years, pointing to the company’s online marketplace, media platform and B2B services initiatives.
“The company is in its strongest financial position in years, with clear momentum,” Bariquit said in a statement, adding that her focus would be on supporting employees and executing the company’s roadmap.
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