The interim team is now permanent.
That was the word late Wednesday from Tailored Brands, the Houston-based menswear retailer, which said that Peter Sachse and Bob Hull will remain as co-chief executive officers “to provide continuity to the organization as it continues to progress its strategic plan.”
In addition, John Tighe, a longtime menswear merchant who had been serving as executive vice president and chief merchant of the company, has been promoted to president.
Sachse, who spent 34 years at Macy’s, Inc. in roles including chief stores officer, chief marketing officer and chairman and CEO of the company’s e-commerce division, was brought on board at Tailored Brands last March when then-CEO Dinesh Lathi revealed his plans to step down. Sachse shared the top post with Bob Hull, who spent 17 years at Lowe’s Companies, which included 14 years as chief financial officer. Since their arrival, the company said Wednesday, “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.”
The company has kept a low profile for the past year, declining repeat requests for interviews. And because it is no longer public, its performance under the interim management team has been unknown.
Tailored Brands had been undergoing a significant restructuring under Lathi but the pandemic pushed the company into Chapter 11 bankruptcy in August 2020. It exited the proceedings in December of that year but had to go back to its lenders to secure $75 million in financing last March in order to continue operating. Following Lathi’s departure, his team, which included Carrie Ask, chief merchant and customer officer, also left the company.
On Wednesday, board chairman Paul Soldatos said, “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.”
Tighe, who was president of Peerless Clothing, the largest men’s and boys’ tailored clothing manufacturer in North America and was also chief merchant and executive vice president of J.C. Penney, will continue to oversee all merchandising, marketing, e-commerce, rentals, planning and allocation for the company’s Men’s Wearhouse, Jos. A. Bank and Moores stores. He is also being given oversight for product development, design and global sourcing as well as the Joseph Abboud Manufacturing Corporation.
“We are extremely fortunate to have John on our team as we move into this next phase of our company’s growth strategy,” Hull and Sachse said. “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.”
Tighe added, “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.”
In addition to Men’s Wearhouse, Jos. A. Bank and Moores, which is based in Canada, Tailored Brands also operates K&G Fashion Superstore. The company, formerly called Men’s Wearhouse, Inc., was founded by George Zimmer in 1973 in Houston.