John Tighe Named CEO of Tailored Brands
Long-time men's merchant John Tighe, who joined the retailer in 2021, will become chief executive officer on Aug. 5. Tighe, who served most recently as president of the parent company to Men's Wearhouse and Jos. A. Bank Clothiers, will succeed Peter Sachse, who will transition to executive chairman next month.
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Sachse, who spent 34 years at Macy's, stepped in to rescue the menswear retailer in 2021 shortly after it emerged from bankruptcy. Sachse, who had served on the board of the Houston-based company, initially shared the CEO post with Bob Hull, another board member whose background included 17 years at Lowe's Cos. They started as interim co-CEOs in March 2021 and were named permanent co-CEOs in March 2022. Sachse was named sole CEO in February of 2024.
Before joining Tailored Brands as executive vice president and chief customer officer, Tighe had been president of Peerless Clothing and also held leadership positions at J.C. Penney Co. Inc., including chief merchant and executive vice president.
Following the announcement on Thursday, the board of Tailored Brands, said: 'Peter has been central to Tailored Brands' turnaround and the board could not be more pleased with the results over the past four and a half years. Peter and the leadership team have reimagined all four of the company's banners, completely changed the merchandising and marketing strategies, drove operational efficiencies, and developed a culture of accountability while delivering three of the best profit years in recent company history. His focus on people and culture is paramount to our success and we will continue to benefit from his efforts for many years to come.'
Sachse added, 'The hallmark of a strong and resilient organization is a well-developed succession plan, and John's promotion highlights the thoughtful, holistic talent strategy Tailored Brands has established. Over the past four years, John has been instrumental in our company's ability to anticipate market shifts and evolve with our customers as he architected nuanced merchandising, planning, marketing, and value-driven pricing strategies. There is no doubt he is the right successor at the right time, and I'm excited to see Tailored Brands continue to thrive under his leadership.'
Tighe said that as CEO, he hopes to continue to 'deliver on our company's purpose and value proposition. I look forward to Peter's continued mentorship as he takes on his new role and want to thank the board, Peter and the entire leadership team for their support and confidence. I'm grateful to work alongside such a talented and passionate leadership team as well as the more than 14,000 team members who wake up every day to put our customers at the center of every decision. We wouldn't be where we are today without their tireless dedication, and I look forward to unlocking the potential of all our banners as a team.'
Tailored Brands operates more than 1,000 stores under the Men's Wearhouse, Jos. A. Bank, Moores and K&G Fashion Superstore banners. Although the company is no longer public, earlier this year, Sachse pointed to an investor presentation from an ICR conference in January that revealed the company had sales of $2.6 billion in fiscal 2023 with adjusted earnings before interest, taxes, depreciation and amortization of $406 million. This was below fiscal 2022 when sales hit $2.8 billion and adjusted EBITDA was $477 million. The company attributed the dip to the fact that fiscal 2022 was the 'year of the wedding.'
Of its divisions, Men's Wearhouse accounted for 64 percent of sales, Jos. A. Bank 15 percent and Moores 7 percent.
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