Tailored Brands adds former Snapchat CFO to board of directors
Fremont, California-based Tailored Brands Inc. has added Snapchat executive Andrew Vollero to its board of directors, and appointed him as a member of the audit committee.
Throughout his career, Vollero has held a variety of leadership roles in strategic planning, financial planning and analysis, accounting, marketing and general management. Since October 2018, Vollero has served as chief financial officer for Allied Universal, a security and facility services company with revenues exceeding $7 billion.
Previously, Vollero served as chief financial officer and chief accounting officer of Snap Inc., the company responsible for the social media app, Snapchat. During his time with the company, Vollero was responsible for building the finance function, preparing the company for its initial public offering and developing Snap’s 'Path to Profitability' strategy. He exited the company in May 2018.
Prior to his time with Snap, Vollero has served as senior vice president of corporate strategy, development and investor relations as well as division chief financial officer, senior vice president of finance and strategy at Mattel Inc., vice president controller at Yum! Brands and vice president of marketing at Taco Bell, among other tech and consumer roles.
“We continue to strengthen our board with skills and experiences that align with our strategy to position Tailored Brands for long-term sustainable growth in a dynamic and rapidly changing environment,” said Theo Killion, chairman of the board at Tailored Brands.
“[Vollero] brings to us deep experience in all aspects of finance and accounting, including capital allocation and investor relations. His financial and general corporate leadership experience spans navigating challenging turnarounds to building high growth businesses. In addition, we believe [Vollero] will provide valuable insights as we further develop our data analytics, digital and omni-channel efforts, and meet the needs of a younger demographic.”
With the addition of Vollero, the Tailored Brands board now has a total of eight members, six of whom are independent.
The latest addition to the company’s board comes after Tailored Brands, which operates menswear brands Men’s Wearhouse and Jos. A. Bank, reported disappointing sales for the second quarter ended August 3, 2019, and said that it would be suspending its quarterly cash dividend in order to reallocate the funds for debt repayment.
The retailer’s total net sales for the quarter decreased 4.1% to $789.5 million, compared to $823.4 million in the prior-year period, while the company’s retail sales decreased 4.1% by channel.
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