[July 22, 2020]

Rent the Runway Bolsters Executive Team, Appoints Ellen Shultz as Chief People Officer

Rent the Runway, the company that pioneered apparel rental and dynamic ownership, today announced that Ellen Shultz is joining as the company's Chief People Officer and Larry Steinberg as the company's Chief Technology Officer.

Shultz--who previously served as The New York Times' most senior HR leader and member of the organization's Executive Committee--will play a critical role in accelerating Rent the Runway's continued transformation of consumer behavior change. She brings to Rent the Runway more than 20 years of experience pioneering people strategies and building diverse and inclusive organizations. Her start date is September 8, 2020.

"Ellen has a unique ability to create an inclusive, dynamic and people-centered culture across teams and has a proven track record developing strategies that deliver solutions to drive organizational excellence," said Jennifer Hyman (News - Alert), Rent the Runway Co-Founder and CEO. "I am thrilled to have Ellen join our leadership team and look forward to leveraging her tremendous expertise as we continue our commitment to developing and fostering talent."

Shultz has served as the Executive Vice President of Talent and Inclusion and a member of the Executive Committee at The New York Times since 2016. In this role, she has provided strategic guidance to the CEO and had operational oversight of the global HR function. She was responsible for attracting, retaining, compensating, motivating and developing a diverse global workforce during a period of rapid change. Shultz sits on the Board of Directors for the Emma Bowen Foundation, an organization helping to build a more diverse media industry.

Prior to the New York Times, from 2015-2016, Shultz served as Vice President and Head of Human Resources at Mdia General, a broadcast and digital conglomerate. She led all HR functions and was tasked with integrating the cultures of the legacy broadcasters and digital acquisitions that made up the company's portfolio. Prior to that, Shultz worked for 15 years at Time Inc. (News - Alert), joining as a manager in recruitment and serving in a number of successively senior roles in the HR department.

"Rent the Runway's mission of democratizing fashion and their commitment to building a diverse and progressive community was a natural draw. I'm excited to be joining the Rent the Runway team to lead the company's people strategy during this next phase of growth," commented Shultz.

Larry Steinberg joined the Rent the Runway team as a consultant in May and transitioned to the full-time role of CTO in July. Steinberg is responsible for leading Rent the Runway's technology strategy and the company's critical future-focused technology innovations to maximize Rent the Runway's impact with members and customers.

Steinberg has broad technology and business leadership experience which includes operating within companies of startup size through a top-10 tech company. He also founded and operated enterprise management startup Engyro (formerly Dirigo) which was acquired by Microsoft (News - Alert) and then integrated into the Microsoft System Center product line. Steinberg managed multiple teams at Microsoft and also conducted due diligence, led acquisitions, and integrated those companies into the System Center product line. As the CTO for Agilysys from 2012-2018, he was a member of the executive team which transformed a traditional on-premise software business and technology to a SaaS (News - Alert) based operation.

"Larry brings a wealth of knowledge and experience in technology start-ups, software and product development, and systems architecture," said Hyman. We look forward to building systems to better leverage technology to drive growth and enhance our customer experience," she continued.

"Rent the Runway's mission is incredibly unique and disruptive,'' said Steinberg. "I'm excited to be involved with such an innovative organization that is poised to proactively address the rapid changes in consumer behavior," he continued.

About Rent the Runway

Rent the Runway is transforming the way modern women get dressed and disrupting the $2.4 trillion global fashion industry by enabling women to rent, versus buy, clothing. Founded in 2009 with a vision to build the world's first living closet, RTR believes that women everywhere will soon have a subscription to fashion. By creating a new model of dynamic ownership, RTR has made apparel rental an indispensable utility while also powering women to feel their best every day. RTR offers apparel, accessories and home decor from over 700 designer partners and has built in-house proprietary technology and a one-of-a-kind reverse logistics operation. Under Co-Founder and CEO Jennifer Hyman's leadership, Rent the Runway has been named to CNBC's "Disruptor 50" five times in ten years, and has been placed on Fast Company's Most Innovative Companies list multiple times.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200722005118/en/

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