The CEO of Outdoor Voices is reportedly stepping down as company losses rack up

Photo by Mindy Best/Getty Images for SXSW

Tyler Haney.

• Tyler Haney is reportedly stepping down as CEO of Outdoor Voices, according to a new report from Business of Fashion.
• 31-year Haney, who founded the brand in 2013, will reportedly stay on at the company but in a different role.
• According to Business of Fashion, the company struggled to raise more funding at the end of last year and was losing around $2 million a month in 2019.
• Visit Business Insider's homepage for more stories.

Tyler Haney is reportedly stepping down as CEO of athletics brand Outdoor Voices.

31-year Haney, who founded the brand in 2013, will stay on at the company but in a different role, Business of Fashion reported early Friday morning.

A spokesperson for the company was not immediately available to comment when contacted by Business Insider.

Outdoor Voices has become a popular choice in recent years for trendy millennials with its brightly colored activewear that's targeted toward everyday exercise - jogging or walking the dog, for example.

As of 2018, the company had raised $64 million in funding and counted Mickey Drexler, the former longtime J.Crew CEO, among its investors. Drexler became chairman of its board in 2017 but stepped from this role in mid-2019, according to Business of Fashion.

Sources told Business of Fashion that the company struggled to raise more funding at the end of last year and was losing around $2 million a month in 2019 with annual sales of around $40 million.

In conversation with Business Insider in 2018, Haney said that her goal was to create the world's number one athletics brand that would eventually overtake more established players such as Nike, Lululemon, and Under Armour.

She said she wanted to create sportswear that was comfortable enough to sweat in but could be worn for a range of recreational activities.

"I remember going for a 1.5-mile jog and noticed that there is real dissonance in wearing a brightly colored outfit with muscle mapping all over it, something that you would see on an Olympic athlete, when I was going for a 10-minute-a-mile jog," she said in a phone conversation with Business Insider in 2018.

She added: "We are really building the rules for our own game here... I have no interest in building the next Nike - we are building Outdoor Voices."

The brand's clothing line includes leggings, sports bras, t-shirts, and exercise dresses for women. A cotton t-shirt costs from $35, while leggings cost between $75 and $115. The scaled-down selection for men includes $55 shorts and $35-to-$55 t-shirts.

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