Wainwright will also exit her role as chairperson and a member of the board of directors, effective June 7. Chief operating officer and president Rati Sahi Levesque as well as chief financial officer Robert Julain will serve as co-interim CEOs.

Wainwright, who created the resale platform in 2011, will take on an advisory role as founder until the end of the year while the board of directors commence a search for a new CEO.

“I look forward to continuing to work with The RealReal’s world-class team and positioning our unrivaled offerings and innovative platform to capitalize on our bright future ahead,” Wainwright said in a statement.

The RealReal announced earlier this year that it’s on track to reach profitability in 2024. In its most recent quarterly earnings report, the reseller posted a 31 percent increase year-over-year in gross merchandise value, a measure of sales on its website and across its stores. Even so, The RealReal’s stock has dropped dramatically since its IPO in 2019, losing nearly 90 percent of its value.

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Companies like The RealReal and ThredUp promised Wall Street that with scale comes profit. But operational costs and competition have kept them in the red.