The RealReal announced that John Koryl, its CEO of less than two years, has exited the company, with Rati Sahi Levesque stepping in as the new chief executive. Levesque, the company’s first employee and a co-founder in 2011, has held multiple leadership roles, including sales, merchandising, and marketing.

Under her prior leadership with former CFO Robert Julian, The RealReal shifted its commission model to favor high-value items and implemented cost-cutting measures, setting the company on a path toward profitability. In early 2023, Koryl, a former Neiman Marcus executive, joined to further streamline operations, achieving EBITDA profitability in the fourth quarter of 2023 for the first time since The RealReal’s 2019 IPO.

ae979bbfdb0f46dd9d2db85bb9e206c9 superJumbo
Inside The RealReal luxury consignment store.

The company now expects adjusted EBITDA of $4.5 million to $7.5 million in fiscal 2024, a turnaround from a $55 million loss in 2023. Despite this progress, gross merchandise value dropped 5 percent in 2023 to $1.7 billion but is projected to reach $1.8 billion this year.

Chairperson Karen Katz expressed confidence in Levesque’s leadership, emphasizing the board’s support as the company aims to continue its profitability path.