Sid Thacker
About Sid Thacker
Sid Thacker is Chief Financial Officer (CFO) of Rent the Runway (RENT), appointed April 11, 2023 effective May 25, 2023; he previously served as SVP, FP&A from July 2022 to May 2023. He holds a B.A. from Oberlin College and an M.B.A. from Harvard Business School, and prior roles include Investment Partner at Coalition Investment Partners (Jan 2020–Mar 2022), CEO of SAR Capital Advisors (Jun 2018–Jan 2020), and Founder/CEO/CIO of Signpost Capital Advisors (Aug 2011–Dec 2017) . Under Thacker’s finance leadership, RENT reported FY2025 revenue of $306.2 million (+2.7% YoY) and Adjusted EBITDA of $46.9 million (15.3% margin), with net loss improving to $(69.9) million from $(113.2) million . In Q2 2025, Thacker highlighted 13.4% YoY growth in ending active subscribers (146,373), revenue of $80.9 million (+2.5% YoY), and detailed execution of inventory investment and recapitalization to reduce debt and extend maturities .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Rent the Runway | SVP, FP&A | Jul 2022–May 2023 | Senior finance leadership before promotion to CFO |
| Coalition Investment Partners | Investment Partner | Jan 2020–Mar 2022 | Alternative asset management investing role |
| SAR Capital Advisors, LP | CEO | Jun 2018–Jan 2020 | Led investment advisory firm |
| Signpost Capital Advisors, LP | Founder, CEO & CIO | Aug 2011–Dec 2017 | Founded and led investment advisory firm |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Coalition Investment Partners | Investment Partner | Jan 2020–Mar 2022 | External buy-side investing experience |
| SAR Capital Advisors, LP | CEO | Jun 2018–Jan 2020 | External investment advisory leadership |
| Signpost Capital Advisors, LP | Founder, CEO & CIO | Aug 2011–Dec 2017 | External founder/operator in asset management |
Fixed Compensation
| Fiscal Year | Base Salary ($) | Perquisites ($) | Notes |
|---|---|---|---|
| 2023 | 448,958 | 13,625 | Pro-rated year after CFO appointment (base raised to $475,000 effective Apr 15, 2023) |
| 2024 | 475,000 | 14,400 | Standard salary year |
| Current (Feb 2025 update) | 550,000 | — | Base increased in Feb 2025 |
Performance Compensation
Annual Incentive Bonus (FY2024)
| Metric | Weighting | Target Definition | Actual Achievement | Payout Mechanics | Amounts ($) |
|---|---|---|---|---|---|
| Company net revenue & free cash flow (company-wide) | 100% | Targets set by Compensation Committee | 41% of target earned | Committee exercised discretion to increase payout to 66% of target | Non-Equity Incentive: 83,822 ; Discretionary Bonus portion: 51,062 |
Retention Bonus Programs
| Program | Structure | Triggers | Sid Thacker Amount ($) |
|---|---|---|---|
| 2023 Retention Bonuses (paid in 2024) | In lieu of FY2023 bonus; paid in three installments (Feb 1, Apr 15, Jul 15, 2024) subject to continued employment | Continued employment through payment dates | 397,740 |
| FY2024 Service-based Retention Bonus (proxy SCT breakdown) | Paid in fiscal 2024 in lieu of original FY2023 bonus program | Continued employment | 430,500 |
| FY2025 Retention Bonus Program | 50% based on growth in active subscribers; 50% service (quarterly) | If terminated without cause following a “transaction,” accelerated 25% of target | Accelerated Retention Bonus Amount: 105,000 (assumed if terminated at recap closing) |
Transaction Bonus Plan (Recapitalization-linked)
| Component | Timing | Vesting Schedule | Performance Link | Sid Thacker Amount ($) |
|---|---|---|---|---|
| Closing Installment (25%) | Paid at closing (Oct 28, 2025) | Vests 25% on each of the first four anniversaries of closing | Service-based; subject to repayment if earlier termination (exceptions for without cause/good reason/death/disability) | 359,375 (25% of total) |
| Semi-Annual Installments (4 x 6.25%) | 18, 24, 30, 36 months post-closing | First semi-annual: vests 33% on 2nd, 3rd, 4th anniversaries; Second/Third: each vest 50% on 3rd and 4th anniversaries; Fourth: fully vests on 4th anniversary | Service-based (repayment if voluntary termination) | Included in total (below) |
| Final Installment (50%) | Earliest of Jan 31, 2030 or change in control (excluding recap) | Per plan terms | Based on financial or stock price-based performance measures | Included in total (below) |
| Total Transaction Bonus | Aggregate | As above | Mixed service/performance | 1,437,500 |
Equity Awards
| Grant/Plan | Type | Grant/Value | Vesting | Notes |
|---|---|---|---|---|
| Promotion RSUs (CFO) | RSUs | 21,250 units | 12 quarterly installments on quarterly anniversary of Mar 15, 2023; fully vested Mar 15, 2026 | Time-based; requires continued service |
| 2021 Plan (since inception) | RSUs | 61,250 units (aggregate) | Per individual award terms | Historical cumulative grants under plan |
| Proxy SCT (FY2024) | Stock awards fair value (ASC 718) | 167,396 | N/A | Accounting grant-date fair value |
| Proxy SCT (FY2023) | Stock awards fair value (ASC 718) | 1,425,125 | N/A | Accounting grant-date fair value |
Equity Ownership & Alignment
Beneficial Ownership Snapshots
| As-of Date | Class A Shares | RSUs Vesting ≤60 Days | Vested RSUs (Delayed Settlement) | Total Beneficially Owned | % of Class A Outstanding |
|---|---|---|---|---|---|
| Sept 5, 2025 (DEF 14A) | 23,890 | 5,520 | — | 29,410 | <1% (table indicates less than 1%) |
| Nov 14, 2025 (S-1) | 26,525 | 4,583 | 937 | 32,045 | Not stated (composition disclosed) |
- In connection with the Recapitalization closing, executives were expected to receive new equity grants and agree to forfeit outstanding awards as of immediately prior to closing (including RSUs subject to delayed settlement or vesting within 60 days) .
- No disclosure of share pledging or hedging for Mr. Thacker was identified in the reviewed filings (omit if not disclosed).
Employment Terms
| Term | Provision | Detail |
|---|---|---|
| CFO Appointment | Effective date | Appointed Apr 11, 2023; effective May 25, 2023 |
| Base Salary Progression | 2023 → 2025 | Increased from $350,000 to $475,000 effective Apr 15, 2023; increased to $550,000 in Feb 2025 |
| Bonus Target (FY2024) | % of base | 43% of base salary |
| Severance Plan (standard) | Qualifying termination (without cause/for good reason) | 0.5x base salary (less than 5 years tenure), prorated actual-year bonus, and up to 6 months COBRA |
| Severance (recap window) | 3 months pre- to 12 months post-closing | Cash severance equal to 0.5x or 1.0x then-current base salary plus annual bonus opportunity (greater of target or actual), payable lump sum; 6–12 months benefit continuation |
| Severance estimate at closing (recap) | Sid Thacker | Cash severance $786,500; benefits continuation $41,275; total $827,775 |
| Transaction Bonus Plan | Structure | Total $1,437,500; Closing Installment (25%) $359,375; semi-annual installments (4×6.25%); final 50% payable by Jan 31, 2030 or upon change in control (excluding recap), with performance conditions on final component |
| FY2025 Retention Bonus Program | Structure | 50% growth in active subscribers; 50% service; accelerated 25% of target upon certain terminations post-transaction; Sid accelerated amount $105,000 (assumption at closing) |
| Filings signatory | CFO authority | Signed October 22 & 28, 2025 8-Ks related to recapitalization and special meeting ; signed S-1/S-1/A filing pages as principal financial and accounting officer |
Compensation Summary (Sid Thacker)
| Fiscal Year | Salary ($) | Bonus ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2023 | 448,958 | — | 1,425,125 | — | 13,625 | 1,887,708 |
| 2024 | 475,000 | 481,562 (includes $430,500 retention and $51,062 discretionary) | 167,396 | 83,822 | 14,400 | 1,222,180 |
Notes: FY2024 bonus mechanics included a 41% of target non‑equity payout plus discretionary increase to 66% of target; retention bonuses paid in 2024 were in lieu of the original FY2023 bonus program .
Vesting Schedules and Key Dates
| Award/Bonus | Key Dates | Vesting Detail |
|---|---|---|
| CFO Promotion RSUs (21,250) | Quarterly from Mar 15, 2023; fully vested Mar 15, 2026 | 12 quarterly installments; service-based |
| Transaction Bonus – Closing Installment (25%) | Paid at closing Oct 28, 2025 | Vests 25% annually on each of the first four anniversaries of closing; subject to repayment if certain exits |
| Transaction Bonus – Semi-Annual Installments | 18m, 24m, 30m, 36m post-closing | First semi-annual: vests 33% on 2nd–4th anniversaries; second/third: 50% on 3rd–4th; fourth: full on 4th anniversary |
| Transaction Bonus – Final Installment (50%) | Earlier of Jan 31, 2030 or change in control (excluding recap) | Performance-based (financial or stock price metrics) |
Performance & Track Record
- FY2025 revenue $306.2 million (+2.7% YoY); Adjusted EBITDA $46.9 million (15.3% margin); net loss improved from $(113.2) million to $(69.9) million .
- Q2 2025: ending active subscribers 146,373 (+13.4% YoY); revenue $80.9 million (+2.5% YoY); inventory investment and recapitalization expected to reduce debt, extend maturities, and support growth .
- Q2 2024: revenue $78.9 million (+4.2% YoY); Adjusted EBITDA outperformed guidance; emphasized reduced promotions and improved cash flow trajectory .
Equity Ownership & Alignment Analysis
- Ownership is modest (<1%), with a mix of direct shares and near‑term vesting RSUs; post‑recapitalization, executives were expected to forfeit outstanding awards and receive new equity grants, tightening alignment to the recapitalized capital structure .
- RSU vesting through March 2026 and multi‑year Transaction Bonus installments create ongoing retention hooks and may stagger potential selling pressure over four years; the significant final installment is performance‑linked into 2030 or change‑in‑control .
Investment Implications
- Pay-for-performance alignment: FY2024 bonus metrics were tied 100% to revenue and free cash flow for Thacker, with actual achievement at 41% of target and discretionary uplift to 66%—a moderate alignment that still reflects Committee discretion .
- Retention risk mitigants: Multi-year Transaction Bonus ($1.44M) with back‑weighted performance component, plus RSU vesting through Mar 2026, support retention; special severance during recap window ($827,775 estimated) provides downside protection .
- Insider selling pressure: Near-term RSU settlements (e.g., 4,583–5,520 vesting within 60 days in late 2025) could add micro‑pressure, but broader award forfeitures at recap and new grants reset alignment to the new cap table .
- Execution signals: CFO-led financial messaging emphasized inventory strategy, subscriber growth acceleration, and recap benefits (lower interest expense, extended maturities), which should aid EBITDA trajectory but carries near‑term margin volatility from higher revenue share and fulfillment costs .