- Prachi Singh |
Tailored Brands, Inc. has announced that its chief executive officer, Doug Ewert has announced his intention to retire from the position and as a member of the company's board, effective September 30, 2018. The company also appointed Dinesh Lathi, non-executive chairman of the board, as Executive Chairman, effective immediately and Theo Killion as lead Independent Director. Providing a preliminary update on its second quarter performance, Tailored Brands also said that it expects to report GAAP diluted EPS in the range of 0.95 dollar to 0.97 dollar and adjusted diluted EPS in the range of 1.05 dollars to 1.07 dollars for quarter ended August 4, 2018.
“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 dollars to 3.3 billion dollars and built the custom suit business into a driver of sales and profitability," said Ewert commenting on his decision to leave the company.
Dinesh Lathi named Executive Chairman of Tailored Brands
The company said, 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. He has spent seven years in various senior executive roles at eBay, Inc and eight years in investment banking and private equity.
Commenting on Ewert’s exit from the company and his new role, Lathi said in a statement: "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 honoured to take on the role of executive chairman and look forward to working closely with the board and management team."
Theo Killion joins Tailored Brands board as lead independent director
Killion, the company added, 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. Killion was the chief executive officer of The Zale Corporation from 2010 to 2014 and holds over 40 years of experience in operating roles at Tommy Hilfiger, Limited Brands, The Home Shopping Network and Macy’s.
"On behalf of the Board and the entire Tailored Brands family, I would like to express our appreciation for everything Doug has accomplished. We are pleased that Dinesh has agreed to serve as executive chairman while the board conducts a comprehensive search to find a permanent successor," added Killion.
The company also announced that Bruce Thorn has resigned from his position as president and chief operating officer, effective August 31, 2018, to pursue another opportunity.