Tailored Brands, the parent company of Men’s Warehouse and Jos. A. Bank announced that the company’s CEO, Dinesh Lathi, is stepping down from the role effective immediately.
Board members Bob Hull and Peter Sachse will be serving as interim-CEOs, while the company looks for a suitable successor.
“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,” Lathi said.
Lathi’s exit from the company comes three months after Tailored Brands emerged from Chapter 11 bankruptcy and announced plans to close up to 500 stores and reduce the company’s overall headcount. More recently, the company announced $75 million in financing.
The company’s recent performance and its struggles during the pandemic prompted the decision to transition the CEO role, Business of Fashion reported. Both Lathi and the company’s board “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,” Hull said. “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.”