Rent the Runway ex-CFO takes Peloton’s finance reins

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Dive Brief:

• Fitness firm Peloton Interactive appointed Rent the Runway CFO Siddharth Thacker as its next finance chief, according to a Tuesday press release and securities filing.

• Thacker, who is set to step down from his CFO role at Rent the Runway on or about June 3, will take the top finance role at the New York-based maker of fitness content and equipment on June 22, according to the filing with the Securities and Exchange Commission.

• Thacker is joining Peloton as it pursues a restructuring plan aimed at achieving $100 million in run-rate savings by the end of its fiscal year. The company is “now operating from a place of strategic optionality and playing offense,” CEO and President Peter Stern said in a statement included in the Tuesday release. Thacker “brings the financial acumen, forward-looking strategy and deep consumer focus we need to drive our next chapter,” he said.

Dive Insight:

Prior to Rent the Runway, a provider of clothing subscription boxes and rental options which he joined in 2022 as head of data analytics, Thacker spent two years as an investment partner for Coalition Investment Partners, according to his LinkedIn profile. He serves on the steering committee for the F Suite and as a CFO advisory board member for Bain Capital Ventures.

Thacker will succeed interim CFO Saqib Baig, who stepped into the seat after former finance chief Liz Coddington left in March to take the top finance role at energy firm Palmetto, CFO Dive previously reported.

As Peloton’s CFO, Thacker will receive an annual base salary of $635,000 as well as an annual cash bonus equal to 60% of his base salary, according to the SEC filing. He will also receive total equity awards initially valued at $8 million, including a time-based restricted stock unit award of $5.2 million, a time-based RSU award of $500,000 and an award of performance based RSUs valued at $2.2 million, per the filing.

The CFO appointment was announced several weeks after Peloton reported earnings results for its third quarter, with the company “on track” to meet its $100 million savings goal, Baig said, according to a transcript.

Excluding restructuring costs — which totaled approximately $4.1 million for the quarter, according to its May 7 earnings release — operating expenses for the period reached $267 million, a decrease of 16% year-over-year, Baig said.

Peloton also reduced its net debt to $173 million, a decline of 70% compared to the prior year period, according to its earnings report. The company also reported $26.4 million in net income compared to a net loss of about $39 million the prior quarter, according to its results for the quarter ended March 31.

The fitness platform, which has struggled to regain subscribers following a peak during the COVID-19 pandemic, will aim to rely on Thacker’s financial expertise to maintain financial discipline as it continues to target that goal.

Thacker is joining the fitness equipment maker after three years as CFO for Rent the Runway, during which he helped to lead a “significant financial and operational transformation” at the platform, according to the press release.

Under Thacker’s financial tenure, the fashion platform has moved to reverse a trend of slumping revenues and a dip in its stock valuations, stemming from a consumer pullback from subscriptions and shifting tastes, according to a 2024 Wall Street Journal report.

The company increased its subscription numbers and consumer satisfaction metrics, such as its net promoter score, in 2025 — raising prices for its subscription boxes for the first time in three years that September, CFO Dive sister publication CX Dive reported at the time.

In April, the company reported plans to utilize artificial intelligence to improve the product discovery experience on its site, tapping the technology to curate outfits and add different model or size viewing options over the next three quarters, CX Dive reported.

The fashion platform also recently reported changes to its leadership team: Thacker tendered his resignation on May 18, according to a company filing, just a few days after Rent the Runway announced that its Co-founder Jennifer Hyman would be stepping down as CEO, according to a May 13 press release.

The company appointed Teri Bariquit, a board member and Nordstrom alum, as interim CEO and president upon Hyman’s departure from the role effective May 15, according to the release. Hyman will remain as an advisor to the business until January 2027 to ensure a smooth transition, the company said.

Rent the Runway is currently engaging in a search for its next CFO, according to its May 18 filing.