Peter Sachse becomes sole CEO of Tailored Brands

After serving for nearly three years as joint chief executive officer of Tailored Brands, Macy’s veteran Peter Sachse will now be taking on the position permanently as the groups’ sole CEO.

Sachse first stepped into the company as a board member before he was assigned the role of co-CEO alongside fellow director Bob Hull in March 2021.

The duo had initially been tasked with manoeuvring Tailored Brands through its emergence from bankruptcy, after which they were later appointed permanent co-CEOs in March 2022.

With this latest shift, however, Hull is now set to move into the new position of executive chairman of the board of directors, while Sachse takes on CEO.

As a result, Paul Soldatos will transition from a non-executive chairman to become the lead director of the board, while Sean Mahoney will continue on as an active director.

In a release, the company said on the shift in leadership: “Tailored Brands has achieved a comprehensive strategic, operational and financial transformation. The board believes that, with this deeply enhanced foundation, the company is well-positioned to pursue future growth and profit improvement, making this an appropriate time for evolutionary change in the company’s leadership structure.”

Saschse added: “I am confident in the strategic direction of our company and the exceptional team we have in place, and this transition underscores the progress everyone at Tailored Brands has made. We would not be where we are today without Bob’s partnership and thought leadership as well as the diligent contributions of our board members. I look forward to more of the same in the coming years.”