Tailored Brands, Inc. announced that Dinesh Lathi will step down from his role as President and Chief Executive Officer, effective 26th March. Board members Bob Hull and Peter Sachse will act as Interim Co-CEOs while the Board searches for a permanent successor.
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“It has been my pleasure to work as part of the talented and dedicated Tailored Brands team, and I want to thank all of my colleagues for their support and many contributions over the past five years,” Mr. Lathi said.
“I believe in the power of our brands and am confident the hard work we have done together has put the Company on a path toward long-term growth and success. I will be rooting for everyone at Tailored Brands as you take these next steps,” continued Mr. Lathi.
In December 2020, Tailored Brands successfully completed its Chapter 11 restructuring, and earlier this month, the Company announced $75 million in new financing. After these events, and with business performance beginning to recover from the impacts of the COVID-19 pandemic, the Board and Lathi mutually agreed that this is the right time to re-evaluate the skills and experiences needed in the CEO role as the Company prepares for its next chapter of growth and success.
“With a solid financial structure now in place and the support of its new owners behind it, Tailored Brands is well positioned for growth in its next chapter,” Mr. Hull stated.
“We are immensely grateful for Dinesh’s contributions as both a director and executive of the Company over the past five years, and especially for his leadership in successfully guiding the Company through both the restructuring and the unprecedented challenges of the global pandemic. We wish him well in all of his future endeavors,” continued Mr. Hull.
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Mr. Sachse added: “The team at Tailored Brands is incredibly strong, and even in the midst of the pandemic, Dinesh guided them to make smart investments to strengthen the brands and the value proposition they deliver for customers. As a result, the Company is now delivering enhanced online and omnichannel options to shop seamlessly across channels, piloting new in-store experiences to make shopping safer and more enjoyable, and offering an expanded product assortment. We will continue to accelerate this progress to meet the evolving needs of our customers and ensure we’re earning their continued loyalty every day by helping them look and feel their best for moments that matter.”