Tom Tailor Holding AG announced that Dieter Holzer, the Chief Executive Officer (CEO) of the company, leaves the company's Management Board with immediate effect for personal reasons by mutual agreement with the Supervisory Board. The Supervisory Board has appointed Management Board member Dr. Heiko Schäfer as the new CEO on a provisional basis. Dr. Schäfer has served as the company's Chief Operating Officer (COO) since December 2015.

He has many years' experience in the fashion industry and a strong track record in the management of cross-functional transformation projects. He will manage the company alongside Chief Financial Officer (CFO) Thomas Dressendörfer. They will jointly further advance the initiated initiatives to sustainably improve the company's profitability.

In addition, the Supervisory Board has delegated its Chairman, Uwe Schröder to join the company's Management Board for a maximum period of one year. He will assume responsibility on an interim basis for issues related to products, sales and the collections. Jerome Griffith has been elected as the new Chairman of the Supervisory Board, of which he was already a member.

He was also the president and CEO of TUMI INC. The Supervisory Board will initiate a process to appoint a new CEO without delay. This process should be completed by the time of the next Annual General Meeting in the spring of 2017.