Tailored Brands CEO Dinesh Lathi steps down
Menswear retail company Tailored Brands announced on Tuesday that Dinesh Lathi will step down from his role as president and chief executive officer, on March 26.
Board members Bob Hull and Peter Sachse will act as interim co-CEOs, while the board searches for a new 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,” Lathi said, in a press release.
“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 served as chairman of Tailored Brands since March of 2017, executive chairman since August of 2018, and was a member of the Tailored Brands board of directors since March of 2016, before being named CEO in March 2019. He unofficially served as acting CEO following the retirement of Doug Ewert in September 2018.
Since his tenure as CEO, Lathi has overhauled the management team, and successfully saw the company through Chapter 11 bankruptcy. The parent company of Men’s Wearhouse, Jos.A Bank and Moores men’s stores in the U.S. and Canada filed for Chapter 11 bankruptcy protection back in August, and emerged from it in November, after succumbing to the economic fallout resulting from the Covid-19 pandemic.
Earlier this month, Tailored Brands announced the closing of a $75 million investment, nearly three months after exiting bankruptcy.
The Houston, Texas-based retailer received financing including $50 million of mandatorily convertible notes and $25 million in additional senior secured debt from a group of existing shareholders and lenders.
With the new financing in place, the company said that “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,” added Hull.
“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.”
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