NEW YORK, Oct. 16, 2015 /PRNewswire/ -- Rent the Runway, the company that is revolutionizing fashion by allowing millions of women to rent designer apparel and accessories, today announced that it is deepening its executive bench with the addition of new executive hires. Joining the company are Scarlett O'Sullivan, previously of SoftBank Capital, who will become Chief Financial Officer, and Maureen Sullivan, formerly of AOL and Google, who will become President of the Events Business.
As Rent the Runway rapidly moves into its next phase of growth, the company continues to attract leaders who can scale the firm in this next phase. The company will soon announce two additional senior hires from world-class firms as it expands both its special occasion and everyday wear businesses. The executives will report to CEO Jennifer Hyman.
"In the past few months, we have discovered product market fit for our subscription business around everyday clothing which has hundred-fold potential. We have the opportunity now to capitalize on our momentum with an executive leadership team who can drive us to the next phase of growth," said Jennifer Hyman, Co-founder and CEO of Rent the Runway. "As we embark on this new era in our company's future, the expertise that Scarlett and Maureen will bring to the company is invaluable. We're thrilled to have them on board."
Scarlett O'Sullivan will assume the role of Chief Financial Officer, making certain that Rent the Runway is well capitalized to support the company's growth and continues to deliver on its financial objectives. The company has received a total of $126 million in funding and boasts the largest dry cleaning operation in the country.
Previously, O'Sullivan was a Partner at SoftBank Capital where she led growth-stage venture capital investments in ecommerce, mobile applications, online advertising, gaming, and cloud computing. She also served as Partner and Chief Operating Officer for SoftBank China and India Holdings where she focused on early-stage investments in the U.S. and Asia. Prior to SoftBank, O'Sullivan was an investment banker at Robertson Stephens and Morgan Stanley.
Maureen Sullivan joins the company as President of the Events Business, where she will oversee profit and loss for the special occasion business and set the product roadmap. Previously, Sullivan worked at AOL as President of AOL.com and Lifestyle Brands, where she led all elements of the AOL.com experience including programming, product, and engineering, as well as overseeing strategy, partnerships, and operations. Prior to this role, she was Senior Vice President of Brand, Marketing and Communications at AOL, a role in which she managed brand development and led the global re-branding of AOL. She managed consumer marketing and media investments, as well as public relations, internal communications, and company-wide CSR initiatives.
Beth Kaplan, who served as President and Chief Operating Officer, will continue to play a strategic advisory role in the company as well as remaining on Rent the Runway's Board.
ABOUT RENT THE RUNWAY:
Rent the Runway is revolutionizing fashion by allowing millions of women to rent designer apparel and accessories. The company focuses on convenience and a top-notch customer experience on all of its platforms, including online, mobile and retail locations in Chicago, New York City, Washington, D.C., and Las Vegas. With styles from hundreds of top designers, RTR serves as a powerful marketing channel for the fashion industry, introducing a new generation of women to brands that they had limited access to before. Co-founded in 2009 by Harvard Business School graduates, Rent the Runway has raised $126 million in venture capital and has more than 5 million members across the U.S. In 2015, Rent the Runway officially launched the Rent the Runway Foundation to inspire and ignite the next generation of female entrepreneurs. Women interested in the Project Entrepreneur program can visit projectentrepreneur.org to learn more.
SOURCE Rent the Runway