Tailored Brands has reported that Doug Ewert has announced his intention to retire as chief executive officer and as a member of the company’s Board, effective September 30.
Dinesh Lathi, non-executive chairman of the Board, has been appointed executive chairman, effective immediately. In light of Lathi’s new role, the Board appointed Theo Killion as lead independent director. To ensure an orderly transition, 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.
Additionally, the company announced that Bruce Thorn resigned from his position as president and chief operating officer, effective August 31. Thorn informed the company that he is resigning to pursue another opportunity.
Ewert joined the company in 1995 and has served as chief executive officer since June 2011. Previously he served the company in various leadership roles, including general merchandise manager, senior vice president – merchandising, executive vice president and chief operating officer of K&G, executive vice president and chief operating officer of the company, and president.
“It has been my privilege to lead the Tailored Brands team and I am proud of everything that we have accomplished,” said Ewert. “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.”
“I’d like to personally thank and acknowledge Doug for his more than two decades of leadership and dedication,” commented Lathi. “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.”
“On behalf of the Board and the entire Tailored Brands family, I would like to express our appreciation for everything Doug has accomplished,” added Killion. “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.”