The RealReal announced on Monday the promotion of Rati Sahi Levesque, the luxury resale platform’s president and chief operating officer, to the role of president and chief executive officer, effective immediately.

Levesque will also serve on the San Francisco-based company’s board of directors.

She succeeds John Koryl, who has departed from the U.S.-based company and no longer serves on the board.

A company veteran, Levesque helped found The RealReal back in 2011. During her 13-year tenure, she has held leadership roles across multiple areas of the business including sales, merchandising, product and technology, operations, and marketing, including her role as chief merchant, and her most role as COO.

Prior to joining The RealReal, Levesque was an entrepreneur in the fashion-tech industry, where she launched a luxury consignment company. Before that, Levesque worked in the financial industry.

“I am thrilled to announce Rati as The RealReal’s next CEO,” said Karen Katz, chairperson of the board, The RealReal.

“Rati has been pivotal in formulating and executing the recent strategic shifts that have propelled the Company on its path to profitability. Rati’s commitment to the brand, along with her comprehensive understanding of the Company, its market opportunity, and the luxury resale landscape, make her the right leader to take The RealReal into our next stage of profitable growth. She has worked in every aspect of the business and brings a proven track record of operational excellence.”

Coinciding with the promotion news, the company provided preliminary financial results for the third quarter, ended September 30, which is expected to clock a gross merchandise value (GMV) of $433.1 million for the quarter.

The company also updated its full year 2024 guidance with GMV now expected to total $1.810 to $1.826 billion, compared to its prior guidance of $1.790 to $1.820 billion for the full year.

“We are pleased to report strong preliminary third quarter financial results enabling us to raise our full year guidance ranges,” said Levesque. “Based on our preliminary results, GMV, Revenue and Adjusted EBITDA exceeded our expectations for the quarter, increasing our confidence in the momentum of our business.”