Source: Fortune
Summary
Jenn Hyman, former CEO of Rent the Runway, will become the new CEO of Babylist, a baby registry service, effective September 9. Natalie Gordon, Babylist’s founder, will step down as CEO and become executive chair. Hyman and Gordon, both female founders, have been on parallel tracks for nearly two decades, but their companies have had different experiences. Babylist is profitable and on track for $1 billion in revenue, while Rent the Runway struggled after its IPO. Hyman sees opportunity for growth and expansion at Babylist, and Gordon will focus on the company’s AI strategy.
Our Reading
The numbers tell one story.
Hyman takes over a business that’s playing offense, not defense, as she was at Rent the Runway. Babylist is profitable and on track for $1 billion in revenue, a stark contrast to Rent the Runway’s struggles after its IPO. Hyman and Gordon, both female founders, are a rare example of a CEO transition between founders of separate businesses. Hyman is excited to work with Gordon, who will focus on Babylist’s AI strategy. The company’s fully remote and distributed corporate workforce is a huge difference from Rent the Runway’s in-person culture.
This is a founder-led company evolution, where two founders coming together is a powerful force to be reckoned with.
Author: Evan Null
