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- Departure of CEO (new) — The company's CEO and co-founder resigned from both executive and board roles, creating leadership uncertainty during the search for a permanent replacement.
Rent the Runway CEO Jennifer Hyman resigns; board member Teri Bariquit named interim CEO
Filed May 13, 2026 · Period ending May 12, 2026 · ~1 min read
Key Changes
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CEO and co-founder Jennifer Hyman resigned effective May 15, 2026, from both executive and board roles. The company states her departure was not due to disagreement on operations or policies.
Item 5.02 verify on EDGAR → -
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Board member Teri Bariquit, 65, appointed interim CEO. She brings 37 years at Nordstrom including Chief Merchandising Officer role from 2019-2023. She'll receive $50K monthly plus up to 100K performance stock units.
Item 5.02 verify on EDGAR → -
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Hyman will serve as paid advisor through January 2027 at $62,500 monthly. She keeps a $1.59M transaction bonus paid in October 2025, gets immediate vesting of 103,047 RSUs, and receives subsidized health benefits through November 2027.
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Hyman and her affiliates terminated all rights under August 2025 Investor Rights Agreement, including rights to designate a director and board observer, removing her governance influence.
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Company disclosed risks related to CEO search process and managing leadership transition, indicating no immediate permanent replacement identified.
Item 1.01 view on EDGAR →
Summary
Rent the Runway announced the resignation of CEO and co-founder Jennifer Hyman effective May 15, 2026. While the company states her departure was not due to disagreement on operations or policies, the sudden leadership change at a company still working to achieve profitability raises questions about strategic direction.
Board member Teri Bariquit, a veteran Nordstrom executive, steps in as interim CEO while the board searches for a permanent replacement. Hyman's separation package is substantial: she retains a $1.59 million transaction bonus from October 2025, receives immediate vesting of over 103,000 RSUs, and will earn $62,500 monthly as an advisor through January 2027.
Notably, she and her affiliates also terminated investor rights that allowed her to designate board members, signaling a clean break from governance influence. Retail investors should watch for announcements about the permanent CEO search and any strategic shifts under Bariquit's interim leadership. The company's ability to maintain operational momentum during this transition—particularly in subscriber growth and path to profitability—will be critical. The next earnings call should provide insight into whether this leadership change reflects deeper strategic challenges or simply a founder transition.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On May 12, 2026 Teri Bariquit, age 65, who is a member of our Board, was appointed as the interim Chief Executive Officer and President of the Company, effective as of the Separation Date until the Board appoints a permanent Chief Executive Officer and President to succeed Ms. Hyman. Ms. Bariquit has served as a member of our Board since October 2025. Ms. Bariquit is a seasoned fashion retail executive and advisor with more than 37 years of experience at Nordstrom, Inc. (JWN), where she most recently served as Chief Merchandising Officer from 2019 to 2023.
Board member Teri Bariquit was appointed interim CEO and President effective May 15, 2026. She is 65 years old with 37 years at Nordstrom, most recently as Chief Merchandising Officer from 2019 to 2023, and has been on Rent the Runway's board since October 2025.
Added in current filing · verify on EDGAR →
Pursuant to the SOW, Ms. Bariquit will provide consulting services to the Company as its interim Chief Executive Officer and President and will be eligible to receive a monthly consulting fee of $50,000 (pro-rated for any partial months) during her service as our interim Chief Executive Officer and President, an annual bonus of up to $125,000 (subject to her continued service as our interim Chief Executive Officer and President or as a member of the Board through the payment date), a performance stock unit award comprising 100,000 shares (assuming maximum performance is achieved) of the Company’s Class A common stock (which will be subject to satisfaction of certain performance- and service-based vesting requirements), and reimbursement of travel and business-related expenses in connection with her service as our interim Chief Executive Officer and President.
Bariquit will receive $50,000 monthly as interim CEO, an annual bonus up to $125,000, and a performance stock unit award of up to 100,000 shares subject to performance and service vesting requirements, plus expense reimbursement. After her interim CEO role ends, she will provide consulting services for $10,000 monthly.
Event · Item 7.01 — Regulation FD Disclosure
CEO resignation and appointment of interim CEO disclosed via press release.
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the Company issued a press release reporting Ms. Hyman’s resignation and Ms. Bariquit’s appointment as our interim Chief Executive Officer and President
Ms. Hyman resigned as Chief Executive Officer. Ms. Bariquit was appointed as interim Chief Executive Officer and President. The company disclosed this leadership change via press release on May 13, 2026.
Event · Item 9.01 — Financial Statements and Exhibits
Rent the Runway disclosed CEO departure and leadership transition agreements effective May 12, 2026.
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Separation, Advisor and Release Agreement, by and between the Company and Ms. Hyman, dated as of May 12, 2026.
The company entered into a separation agreement with Ms. Hyman, indicating her departure as CEO. The filing references risks related to the CEO search process and managing the transition to new leadership. This represents a significant executive departure requiring a search for replacement leadership.
Added in current filing · verify on EDGAR →
Side Letter, by and between the Company, Ms. Hyman and her affiliates, dated as of May 12, 2026.
A side letter was executed between the company, Ms. Hyman, and her affiliates on the same date as the separation agreement. Side letters typically contain additional terms or arrangements beyond the primary separation agreement, though specific terms are not disclosed in this 8-K.
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Statement of Work No. 2 under the Consulting Services Agreement, by and between the Company and Ms. Bariquit dated as of May 12, 2026.
The company executed two new statements of work (No. 2 and No. 3) with Ms. Bariquit under an existing consulting services agreement. These consulting arrangements coincide with the CEO departure, suggesting potential interim or advisory support during the leadership transition.
Added in current filing · verify on EDGAR →
failure to manage the transition of our Board of Directors
The company disclosed risks related to managing a Board of Directors transition alongside the CEO departure. This indicates potential broader governance changes beyond just executive leadership, adding complexity to the organizational transition.
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