Rent the Runway hires new chief technology, people officers

Dive Brief:

According to a company announcement on Wednesday, Ellen Shultz and Larry Steinberg are joining Rent the Runway as the company's chief people officer and chief technology officer, respectively.
In her new position beginning in September, Shultz will play a part in helping the company keep up with changing consumer habits, the company noted in its Wednesday press release. Steinberg — who began serving as a consultant for the company in May and started his full-time role as CTO in July — will oversee the company's digital strategy.
Shultz has over two decades of experience managing human resource strategies and creating diverse and inclusive staffs, serving in companies like The New York Times, Media General and Time Inc. Steinberg brings prior experience from working at Microsoft, Agilysys and a startup he founded called Engyro, according to the company statement.

Dive Insight:

Two months ago, Rent the Runaway's last CTO, Josh Builder, exited the company, a couple of months after the company's president, Maureen Sullivan, left after nearly five years.

At the time, Steinberg was named interim CTO. Now, he's taken over the role permanently. He noted in a statement that the company is in a unique position to capitalize on shoppers' changing consumption patterns.

"Larry brings a wealth of knowledge and experience in technology startups, software and product development, and systems architecture," Jennifer Hyman, Rent the Runway co-founder and CEO, said in a company statement. "We look forward to building systems to better leverage technology to drive growth and enhance our customer experience."

In addition to the recent departures of its last CTO and president, Rent the Runway's chief supply chain officer, Marv Cunningham, also resigned after the clothing rental startup faced ire from customers in September due to fulfillment issues. Cunningham had been in the role only a year.

Besides its leadership shakeups, the company has also turned its attention to new revenue streams. Back in March, it introduced a third subscription option in which customers pay $135 per month to access eight pieces monthly and up to two swaps per month.

The rental company has also deepened its relationship with Nordstrom over time. Last November, Nordstrom expanded its drop-off box locations for Rent the Runway. The two also collaborated in January to sell secondhand Rent the Runway garments at Nordstrom Rack storefronts.