Men’s Wearhouse hush-hush about founder’s firing
The company ousted its executive chairman, George Zimmer, the morning that its annual shareholder meeting was supposed to take place, with no explanation offered.
So the news that Men’s Wearhouse—a brand that has long been personified in TV ads by its founder, George Zimmer and his catch phrase, “You’re gonna like the way you look”—apparently fired Zimmer the morning of its annual shareholder meeting is especially curious.
Zimmer had been the executive chairman of the company’s board of directors. The company postponed its shareholder meeting to re-nominate its board without Zimmer, who stepped down from the company’s CEO position in 2011.
The company gave no reason for its action. The reason doesn’t appear to be a fiscal one, though; Men’s Wearhouse’s first-quarter earnings were up 25 percent and sales were up 5 percent.
Shares are up 20 percent for the year.
A terse press release from the company simply states, “The Board expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the Company.”
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