HOUSTON--(BUSINESS WIRE)--Tailored Brands, Inc. (the “Company”) today announced that Board members Bob Hull and Peter Sachse will continue as co-CEOs moving forward to provide continuity to the organization as it continues to progress its strategic plan.
Mr. Hull and Mr. Sachse were both appointed as Interim co-CEOs and joined the Company’s Board on March 16, 2021. Since that time, they have solidified a strong and united leadership team, refocused key departments and led the Company to outperform its revenue and profit targets for each quarter.
Mr. Hull and Mr. Sachse are seasoned leaders with experience leading large-scale organizational transformations and building high-performing teams. Both have served as active directors for a number of public and private companies as well. Mr. Hull has three decades of retail experience, including 17 years at Lowe’s Companies with the last 14 years as Chief Financial Officer. Mr. Sachse previously spent 34 years in various positions at Macy’s, Inc., including Chief Stores Officer, Chief Marketing Officer and Chairman and Chief Executive Officer of macys.com.
Board Chairman Paul Soldatos stated, “While we had launched a search for a CEO successor last year, we ultimately determined there was more to be gained by maintaining continuity in the leadership team and allowing this team to realize the full value of the careful planning and reorganization they completed over the past year. Bob and Peter are exceptionally qualified leaders with the deep expertise needed to continue advancing the Company’s progress. We are confident Tailored Brands has the right plan—and the right team—in place and look forward to seeing the results they will deliver.”
In conjunction with this decision, John Tighe will be promoted to President of Tailored Brands. In this new role, Mr. Tighe will continue to have end-to-end accountability for merchandising, marketing, e-commerce, rental, planning and allocation across the Men’s Wearhouse, Jos. A. Bank and Moores banners and will now oversee product development, design, global sourcing as well as the Joseph Abboud Manufacturing Corporation.
Before joining Tailored Brands, Mr. Tighe served as President of Peerless Clothing, the largest manufacturer of men’s and boys’ tailored clothing in North America. Prior to Peerless, he served as the Chief Merchant and EVP at JCPenney.
Mr. Hull and Mr. Sachse commented on Mr. Tighe’s promotion, stating, “We are extremely fortunate to have John on our team as we move into this next phase of our Company’s growth strategy. He brings a holistic view of the product lifecycle and how best to exceed customer expectations from procurement to cart—and everywhere in between. We are thrilled to see him take on additional scope and progress in his career.”
Mr. Tighe said, “I’m thrilled to have this opportunity to work with an even broader group of colleagues to integrate and improve our end-to-end customer journey, accelerate progress and unlock even more value. I have been immensely impressed by the talent and creativity of this entire team and look forward to this next chapter.”
About Tailored Brands, Inc.
Tailored Brands is a leading omnichannel specialty retailer of menswear, including suits, formalwear and a broad selection of business casual offerings. We help our customers look and feel their best by delivering personalized products and services through our convenient network of stores and e-commerce sites. Our brands include Men's Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore.
For additional information on Tailored Brands, please visit the Company’s websites at www.tailoredbrands.com, www.menswearhouse.com, www.josbank.com, www.mooresclothing.ca, and www.kgstores.com.
Forward-Looking Statements
This press release contains forward-looking information, including the Company’s statements regarding its revenues, profits and performance. In addition, words such as “will,” “expects,” “anticipates,” “envisions,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance,” “may,” “projections,” and “business outlook,” variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements that we make herein are not guarantees of future performance and actual results may differ materially from those in such forward-looking statements as a result of various factors. Factors that might cause or contribute to such differences include, but are not limited to: risks related to the effectiveness of the restructuring and strategic activities completed during and subsequent to the Company’s Chapter 11 process and any additional strategies that the Company may employ to address its business including its liquidity and capital resources; the effects of the COVID-19 pandemic and uncertainties about its depth and duration, including the health and well-being of our employees and customers, temporary or permanent store closures and our ability to attract customers to reopened stores, re-emergence or additional periods of increases or spikes in the number of COVID-19 cases, the availability, acceptance and rate of vaccinations and other medical treatments, increases in the unemployment rate and recessionary pressures, furlough or temporary layoffs of our employees and our ability to reinstate, incentivize and retain previously furloughed employees, social distancing measures and changes in consumer spending behaviors; actions or inactions by governmental entities; domestic and international macroeconomic conditions; inflation or deflation; the Company’s ability to attract, motivate and retain key personnel and effectively manage succession; success, or lack thereof, in formulating or executing our internal strategies and operating plans; cost reduction initiatives and revenue enhancement strategies; changes in demand for our retail clothing or rental products, including changes in apparel trends and changing consumer preferences; market trends in the retail or rental business; customer confidence and spending patterns; changes in traffic trends in our stores and in customer preferences in the omnichannel experience; customer acceptance of our merchandise strategies, including custom clothing and polished casual attire; performance issues with key suppliers; disruptions in our supply chain; trade relations; severe weather; regional or national civil unrest or acts of civil disobedience; public health crises, including COVID-19; foreign currency fluctuations; government export and import policies, including the enactment of duties or tariffs; advertising or marketing activities of competitors; the impact of cybersecurity threats or data breaches; legal proceedings; and the impact of climate change.
