US fashion group Tailored Brands has announced its long-serving CEO, Doug Ewert, and president and chief operating officer, Bruce Thorn, are to leave the company.

Ewert, who has served as CEO for more than seven years will retire from his position and as a member of the company’s board on 30 September.

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As a result, Dinesh Lathi, non-executive chairman of the board, has been appointed to executive chairman, effective immediately, while Theo Killion has been named as lead independent director.

Ewert will serve as a strategic advisor to the company until the end of the calendar year and the board will initiate a comprehensive search process to identify his successor.

Thorn, meanwhile, is to leave the company this Friday (31 August) in order to pursue another opportunity.

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“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 US$2.4bn to $3.3bn 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.”

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The company, which booked a rise in both profit and sales in the first quarter, has warned its anticipated fiscal second-quarter GAAP results include an $8.1m loss on extinguishment of debt related to the partial redemption of $175m of the company’s senior notes, $4.4m of costs related to the closure of a rental product distribution location and a $0.2m unfavourable final working capital adjustment related to the previously announced divestiture of the MW Cleaners business. 

It is due to report its second-quarter figures on 12 September.

Shares regained their upward trajectory this morning after falling by more than 3% in pre-market trading.