Bariquit will lead the company alongside the executive leadership team, while Executive Chairman Dhiren Fonseca and the board of directors will conduct a search for the company’s next permanent CEO and Hyman will remain an advisor to the company through January, Rent the Runway said in a Wednesday press release.

“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 Rent the Runway can write its next chapter,” Hyman said in the release.

Hyman co-founded Rent the Runway in 2009 and led it through a completed initial public offering (IPO) in 2021.

Rent the Runway reaffirmed in the press release the full year 2026 guidance that it presented on April 14. That guidance includes double-digit revenue growth versus fiscal year 2025, an adjusted EBITDA margin of between 4% and 7%, and rental product acquired of between $45 million and $50 million, down from $74.9 million in fiscal year 2025, according to an April 14 earnings release.

Bariquit is a 37-year veteran of the retail industry and previously served as chief merchandising officer at Nordstrom.

She said in the release that in addition to being in its strongest financial position in years, Rent the Runway has momentum in key initiatives such as its 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 clear roadmap as we continue to scale a robust, multi-faceted platform and chart the next era of fashion discovery, creating new ways to power women to feel their best every day,” Bariquit said.

Fonseca highlighted in the press release Rent the Runway’s proprietary data, artificial intelligence-driven technology, scaled logistics and engaged customer base.

“We are privileged to have a Board member with Teri’s operational expertise who brings the right skillset and more than three decades of industry experience lead the business as we search for a permanent CEO and build on our strong foundation,” Fonseca said.

Hyman said in December 2024 that after focusing on cost-cutting and margin improvement from 2020 through 2023, Rent the Runway was back in “growth mode.”

In August, the company announced a recapitalization plan that Hyman said would “allow us to grow in a more sustainable, healthy way and take advantage of the significant market for rental that continues to expand across the U.S.”

In April, PYMNTS reported that Rent the Runway spent fiscal year 2025 making the biggest inventory bet in its history and planned to spend 2026 on discovery by leveraging AI to enhance subscribers’ interaction with its catalog.