Tom Tailor names new CFO, secures financial lifeline
today Nov 1, 2019
Tom Tailor has announced the appointment of Christian Werner as new CFO, with effect from 1 November. Werner takes over from Thomas Dressendörfer, who has resigned from the role.
Werner has been on Tom Tailor’s board since February 2014, and served most recently as vice president of finance at the German clothing company. For the past five years, the 43-year-old executive has been responsible for implementing numerous financing and optimisation projects within the company.
The new CFO began his career as a trainee at Landesbank Baden-Württemberg in Mannheim, and held several senior positions at Deutsche Bank and NIBC Bank N.V. Previously, he spent several years as a business consultant at Arthur Andersen and Ernst & Young.
The appointment comes as Tom Tailor announces a new 375 million euros loan agreement that will help see the business through the next couple of years.
On Wednesday, the group said it signed a consortium loan agreement, effective until 30 September 2022.
In addition to the originally proposed sum, the deal includes a 10 million euro credit line, which takes the total loan to 375 million euros or $411 million.
Additionally, majority shareholder Fosun International Limited is providing a fixed loan of 28.5 million euros, which has a three year term until 31 December 2022.
“With the successful closing of the new loan agreement, the Tom Tailor Group is well set for the next few years and can therefore react to market opportunities in a flexible and growth-focused manner,” said outgoing CFO Thomas Dressendörfer, who has been credited with driving a cost-cutting programme and initiating the Reset efficiency programme as well as three capital increases implemented in 2016, 2017 and 2019.
Both lenders and Tom Tailor’s majority shareholder Fosun believe in the brand’s potential and continue to support its strategic and operational development.
Tom Tailor will release its annual results for the 2018 financial year on November 6.
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