Tailored Brands President and CEO Dinesh Lathi will step down from his role on March 26. Board members Bob Hull and Peter Sachse will act as Interim Co-CEOs while the board searches for a permanent successor.
“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,” said Lathi in a statement. “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.”
Tailored Brands emerged from Chapter 11 bankruptcy in late 2020 and received $75 million in new financing earlier in March 2021. After these events, the board and Lathi 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,” according to a Tailored Brands press release.
“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,” said Sachse in a statement. “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.”