The owner of Men’s Wearhouse and Jos. A. Bank announced on Tuesday that Dinesh Lathi is leaving the chief executive role, effective immediately, in light of internal restructuring. Board members Bob Hull and Peter Sachse will act as interim co-CEOs. Tailored Brands is currently looking for a successor.

In December 2020, Tailored Brands emerged from Chapter 11 bankruptcy in after filing in August of that year, with plans to reduce headcount and close stores. Earlier this month, it announced $75 million in new financing. The business’ recent performance has propelled the decision for a transition in the CEO role.

”With a solid financial structure now in place and the support of its new owners behind it, Tailored Brands is well positioned for growth in its next chapter,” said Hull.