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American retail company Tailored Brands announces CEO transition
20 Mar '21
3 min read
Pic: Tailored Brands
Tailored Brands has announced that Dinesh Lathi will step down from his role as president and chief executive officer, effective March 26, 2021. Board members Bob Hull and Peter Sachse will act as interim co-CEOs while the board searches for a permanent successor. Tailored Brands is an American retail holding company for various men’s apparel stores.
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, Tailored Brands said in a press release.
“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. 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,” Lathi said in a statement.
“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. We are immensely grateful for Lathi’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 endeavours,” Hull said.
“The team at Tailored Brands is incredibly strong, and even in the midst of the pandemic, Lathi 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 omni-channel 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,” Sachse said.
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, Tailored Brands said in a press release.
“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. 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,” Lathi said in a statement.
“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. We are immensely grateful for Lathi’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 endeavours,” Hull said.
“The team at Tailored Brands is incredibly strong, and even in the midst of the pandemic, Lathi 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 omni-channel 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,” Sachse said.
Fibre2Fashion News Desk (GK)
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