Tailored Brands in CEO transition
There’s going to be a change in leadership at Tailored Brands.
The parent company of Men's Wearhouse, Jos. A. Bank and other menswear brands has named co-CEO Peter Sachse as sole chief executive officer, effective Feb. 4. At that time, co-CEO Bob Hull will move into a new role of executive chairman of the board.
Tailored Brands board members Hull and Peter Sachse were named as interim co-CEOs in March 2021 following the departure of Dinesh Lathi, who left after seeing the retailer through bankruptcy. The two were named permanent co-CEOs one year later, in March 2022.
“Under Bob’s and Peter’s leadership over the past several years, Tailored Brands has achieved a comprehensive strategic, operational and financial transformation,” Tailored Brands stated. “The board believes that, with this deeply enhanced foundation, the company is well-positioned to pursue future growth and profit improvement, making this an appropriate time for evolutionary change in the company’s leadership structure.”
Sachse previously spent 34 years in various roles at Macy’s, Inc., including serving as chief stores officer, chief marketing officer and chairman and CEO of macys.com.
“Through the execution of our strategic priorities, we will continue to generate strong momentum in our business by acting on customer feedback, creating seamless and inspiring omnichannel experiences, and helping people love the way they look and feel for their most important moments,” Sachse stated. “I am confident in the strategic direction of our ompany and the exceptional team we have in place. We would not be where we are today without Bob’s partnership and thought leadership as well as the diligent contributions of our board members.”
In other changes, Paul Soldatos will move from a non-executive chairman role to become lead director of the board. Sean Mahoney will continue as an active director.
Tailored Brands operates more than 1,000 stores across its Men’s Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore banners.