The RealReal Inc. is on the hunt for a new finance chief.
The resale pioneer said that Robert Julian would step down as chief financial officer when a replacement is found or on Jan. 31.
Julian agreed to provide “limited consulting services” for five months beyond that for $5,000 a month, according to a filing with the Securities and Exchange Commission.
The filing said the departure was not related to any disagreement with the company, but that it would “be treated as an involuntary termination without cause consistent with his existing severance and change in control agreement with the company.” Julian will continue to receive his current annual base salary of $475,000 and remain eligible for his second-half bonus.
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John Koryl, who took the reins as chief executive officer in February, said: “Robert and I have worked closely together since my arrival as CEO earlier this year, and I have deeply appreciated his counsel and leadership. We wish Robert success in his future endeavors. As we announced last quarter, we remain committed to our key initiatives and believe we are on the right path.”
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Julian served as co-interim CEO last year after founder Julie Wainwright left the company.
Julian said: “It has been a great pleasure to serve as CFO of The RealReal over the past two years. I have the utmost confidence in the brand, and I am grateful for the opportunity to work with one of the most dedicated teams in the luxury resale industry.”
The RealReal helped kickstart the whole idea of luxury resale sector, but has struggled to turn that enthusiasm into a profitable business.
In the second quarter, the company posted a net loss of $41.3 million as revenues decreased by 15 percent to $131 million.
Shares of the company fell 5.8 percent to $2.11 on Friday.