Dive Brief:
-
Peter Sachse will go it alone as CEO of Tailored Brands on Feb. 5, when Bob Hull will drop his duties as co-chief executive and move into the role of chairman of the board.
-
Hull takes over for Paul Soldatos, who will switch from non-executive chair role to lead director. Sean Mahoney will continue as an active director, the men’s apparel retailer said in a press release.
-
Sachse and Hull partnered as co-CEOs nearly three years ago, as Tailored Brands exited bankruptcy. They replaced Dinesh Lathi on what the company had said was an interim basis.
Dive Insight:
In 2021, Tailored Brands’ bankruptcy was the least of its problems.
The men’s apparel retailer, whose major banners are Men’s Wearhouse and Jos. A Bank, had exited its Chapter 11 process in late December of 2020, but almost immediately encountered a slew of new financial challenges.
Later in 2021 the company hired several new executives, many of them retail veterans from outside. While Tailored Brands had positioned the Sachse-Hull partnership as an interim solution while it searched for a permanent CEO, they stayed on. On Tuesday, the company said it “has achieved a comprehensive strategic, operational and financial transformation” since then and that it’s now ready for a change in its leadership structure.
“In the years Peter and I have shared the CEO role, we have cultivated a talented leadership team, implemented strong operating disciplines and significantly improved the financial strength of the Company,” Hull said in a statement. “Having co-CEOs helped us during a period of transformation. Now, with an improved foundation and momentum propelling us, Tailored Brands is in a position to have a more traditional leadership structure with a single CEO at the helm.”
Sachse previously spent more than three decades at Macy’s, Inc., serving in various roles including chief growth officer, chief of innovation and business development, chief stores officer, chief marketing officer, and chairman and chief executive officer of macys.com, according to Tailored Brands.
These days, Tailored Brands’ performance is less clear because post-bankruptcy it has operated as a private company. Its retailers have expanded their merchandising, bringing in DTC brand Manscaped, for example, and a digital concierge service for grooms. But the hybrid work patterns introduced by the pandemic have only exacerbated the dressing-down trend that has bedeviled the menswear space at Tailored Brands, Express, Brooks Brothers and elsewhere.
