Breaking News

Buzzy $1 billion clothing rental startup Rent The Runway's longtime exec and president Maureen Sullivan has left the company

GettyImages 457744944

  • Maureen Sullivan, Rent the Runway's president and former chief operating officer, has left the company after nearly five years, Business Insider has learned.
  • Rent The Runway and Sullivan confirmed the news to Business Insider, with Sullivan saying that she did not have any updates to share on her next chapter. 
  • Rent The Runway recently furloughed roughly 35% of its corporate employees and cut overall headcount as a result of the fallout from the coronavirus.
  • Click here for more BI Prime stories.

Maureen Sullivan, Rent the Runway's president and former chief operating officer, has left the company after nearly five years, Business Insider has learned.

Sullivan was responsible for driving growth and customer experience across all areas of the business, and played an instrumental role in helping the company boost its subscribers, revenue, and notch a $1 billion valuation.

She left the company in late March 2020 after transitioning out over a period of six months. She is taking some time off before deciding on her next steps. Sullivan's departure has not previously been reported. 

Rent The Runway confirmed the news to Business Insider, with Jenn Hyman, Rent the Runway's co-founder and CEO saying that Sullivan's impact will be felt on the company for many years to come.

"Maureen has the unique ability to inspire, to help people realize their potential, and to take kernels of an idea and transform them into fully-formed masterpieces," Hyman told Business Insider. "Rent the Runway and I are forever changed for the better because of Maureen."

Sullivan also confirmed the news, saying that she had no updates on her next chapter. 

"I am honored to have had a part in helping to build a company that has forever changed how people think about getting dressed and even more importantly, has created a new model of dynamic ownership," she said. "Rent the Runway is a one-of-a-kind company with an incredibly exciting future ahead. I will always remain Rent The Runway's #1 champion."

Rent The Runway recently furloughed roughly 35% of its corporate employees and cut overall headcount as a result of the fallout from the coronavirus, as Business Insider first reported.

Sullivan joined Rent The Runway in 2015 and was the company's president when she left. She was succeeded by Anushka Salinas, who took over as the company's chief operating officer after serving as its chief revenue officer between 2018 and 2019.

Sullivan was previously the president of AOL.com and Lifestyle Brands, where she led programming, product, engineering, strategy, partnerships, and operations at the company. Before AOL, she was the chief of staff for Tim Armstrong at Google, where she managed partnership development and business planning. 

Got a tip about direct-to-consumer startups? Contact this reporter via encrypted messaging app Signal at +1-646-702-2530, email at tdua@businessinsider.com, or Twitter DM at @tanyadua

SEE ALSO: $1 billion startup Rent the Runway has furloughed 35% of its employees. Its future is now in question as coronavirus ravages retail.

Join the conversation about this story »

NOW WATCH: Why Pikes Peak is the most dangerous racetrack in America



* This article was originally published herePress Release Distribution

No comments