News Overview

  • Fitness company Peloton Interactive has appointed Rent the Runway's current CFO, Siddharth Thacker, as its next finance chief, according to a press release and securities filing issued Tuesday.
  • Thacker plans to step down as Rent the Runway's CFO on or around June 3 and will assume the role of chief financial officer at the New York-based fitness content and equipment maker on June 22, according to a filing with the U.S. Securities and Exchange Commission.
  • Thacker joins Peloton as the company advances its restructuring plan, targeting $100 million in annual cost savings by the end of this fiscal year. In a statement released Tuesday, CEO and President Peter Stern said the company is "now in a position to make strategic choices and take an offensive posture." Stern noted that Thacker "brings the financial acumen, forward-looking strategy, and deep consumer focus we need to drive our next chapter."

Deep Dive

Before joining Rent the Runway, Thacker served as head of data analytics at the apparel subscription box and rental service provider in 2022, and previously spent two years as an investment partner at Coalition Investment Partners, according to his LinkedIn profile. He is also a member of the F Suite steering committee and serves on Bain Capital Ventures' CFO advisory board.

Thacker will succeed interim CFO Saqib Baig, who took on the role after former finance chief Liz Coddington departed in March. Coddington had previously moved to energy company Palmetto as its finance chief, CFO Dive previously reported.

As Peloton's CFO, Thacker will receive an annual base salary of $635,000, along with an annual cash bonus of 60% of his base salary, according to SEC filings. He will also receive an initial equity award valued at $8 million, consisting of $5.2 million in time-based restricted stock units (RSUs), $500,000 in time-based RSUs, and $2.2 million in performance-based RSUs.

The CFO appointment was announced weeks after Peloton reported its third-quarter earnings. During the earnings call, Baig said the company is "on track" to achieve its $100 million cost-saving goal, according to a transcript.

Excluding restructuring costs, which totaled approximately $4.1 million for the quarter, operating expenses were $267 million, down 16% year over year, Baig said, according to the May 7 earnings report.

Peloton also reduced its net debt to $173 million, down 70% from the same period last year, according to its earnings report. The company also reported net income of $26.4 million, compared with a net loss of approximately $39 million in the prior quarter, based on results for the quarter ended March 31.

The fitness platform has struggled to regain subscriber numbers since peaking during the COVID-19 pandemic. The company will rely on Thacker's financial expertise to maintain fiscal discipline while continuing to target this goal.

Thacker joins the fitness equipment maker after serving as Rent the Runway's CFO for three years, during which he helped lead a "significant financial and operational transformation" of the platform, according to the press release.

During Thacker's financial tenure, the fashion platform took steps to reverse revenue declines and falling stock prices stemming from consumer pullback on subscriptions and shifting tastes, according to a 2024 Wall Street Journal report.

In 2025, the company increased subscriber numbers and consumer satisfaction metrics such as net promoter score, and in September of that year raised prices on its subscription box for the first time in three years, CX Dive, a sister publication of CFO Dive, reported at the time.

In April, the company reported plans to use artificial intelligence to improve product discovery on its website, leveraging the technology to curate outfit pairings and adding options to view items on different models or sizes within the next three quarters, CX Dive reported.

The fashion platform also recently reported leadership team changes: Thacker submitted his resignation on May 18, according to company filings, just days after Rent the Runway announced co-founder Jennifer Hyman was stepping down as CEO, according to a May 13 press release.

The company appointed board member and former Nordstrom executive Teri Bariquit as interim CEO and president, effective upon Hyman's departure on May 15, according to the press release. Hyman will continue to serve as an advisor to the company until January 2027 to ensure a smooth transition, the company said.

Rent the Runway is currently searching for its next CFO, according to its May 18 filing.