– USA, CA – Tailored Brands, Inc. (NYSE:TLRD) today announced that Dinesh Lathi, Non-Executive Chairman of the Board, has been appointed Executive Chairman, effective immediately, following the intention of Doug Ewert to retire as Chief Executive Officer and as a member of the Board, effective September 30, 2018. In light of Mr. Lathi’s new role, the Board appointed Theo Killion as lead independent director. To ensure an orderly transition, Mr. Ewert will serve as a strategic advisor to the Company until the end of the calendar year. The Board will initiate a comprehensive search process to identify a successor CEO.
The Company also announced that Bruce Thorn resigned from his position as President and Chief Operating Officer, effective August 31, 2018. Mr. Thorn informed the Company that he is resigning to pursue another opportunity.
Mr. Ewert said, “It has been my privilege to lead the Tailored Brands team and I am proud of everything that we have accomplished. During my tenure as CEO we have grown revenues from $2.4 billion to $3.3 billion and built the custom suit business into a driver of sales and profitability. We have a compelling business with brands that can win in today’s market and I believe that now is the right time to begin the succession process to hand over the reins to new leadership. I am eager to work with the Board and management team to ensure a smooth transition and I look forward to my next chapter. I would also like to thank Bruce for his contributions as he begins the next phase of his career.”
Mr. Lathi said, “I’d like to personally thank and acknowledge Doug for his more than two decades of leadership and dedication. At this important time for Tailored Brands, I am honored to take on the role of Executive Chairman and look forward to working closely with the Board and management team. Our leading market position is the result of our employees’ focus on delighting the customer. As Executive Chairman, I’ll be focused on creating shareholder value by ensuring our employees are empowered and equipped to win customers in a rapidly evolving landscape.”
Mr. Killion, said, “On behalf of the Board and the entire Tailored Brands family, I would like to express our appreciation for everything Doug has accomplished. The Company’s well-recognized brands, growing omni-channel capabilities and experienced employees provide a strong foundation, and the Board is confident we will find the right candidate to help us further accelerate the pace at which we consistently innovate to delight our customers. We are pleased that Dinesh has agreed to serve as Executive Chairman while the Board conducts a comprehensive search to find a permanent successor. We believe his track record of building high performance teams that deliver customer focused innovation will help us to continue to strengthen our leadership position in the marketplace.”
About Dinesh Lathi
Mr. Lathi was elected to the Tailored Brands Board of Directors in March 2016 and was appointed Non-Executive Chairman in March 2017. He is also a member of the Board of Directors of Five Below, Inc. He was the Chief Executive Officer of One Kings Lane, Inc. from April 2014 until its June 2016 sale to Bed Bath & Beyond. Mr. Lathi spent seven years in various senior executive roles at eBay, Inc and eight years in investment banking and private equity.
About Theo Killion
Mr. Killion has served on The Tailored Brands Board since June 2017, where he is a member of the Nominating and Governance Committee as well as Compensation Committee Chair. He previously served on the Boards of Express Inc. where he was a member of the Compensation Committee and Nominating and Governance Committee and Libbey, Inc. where he served on the Audit Committee and Compensation Committee. Mr. Killion was the Chief Executive Officer of The Zale Corporation from 2010 to 2014 and he has over 40 years of experience in operating roles at such iconic retailers as Tommy Hilfiger, Limited Brands, The Home Shopping Network and Macys.
About Tailored Brands, Inc.
As the leading specialty retailer of men’s tailored clothing and largest men’s formalwear provider in the U.S. and Canada, Tailored Brands helps men love the way they look for work and special occasions. We serve our customers through an expansive omni-channel network that includes over 1,400 stores in the U.S. and Canada as well as our branded e-commerce websites. Our brands include Men’s Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G. We also operate an international corporate apparel and workwear group consisting of Dimensions, Alexandra and Yaffy in the United Kingdom and Twin Hill in the United States.
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.