Men’s Warehouse Zimmer: George Zimmer, executive chairman of the company, was fired from his position on June 19.
The board of directors of Men’s Wearhouse said in a statement that it “expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company,” according to NBC. The company also announced a postponement of the annual shareholders meeting, which was to take place on June 20.
No reason was given for the termination.
Zimmer told CNBC that he has built the company into a multi-billion dollar company over the last 40 years.
“Over the past several months I have expressed my concerns to the board about the direction the company is currently heading,” he said. “Instead of fostering the kind of dialogue in the boardroom that has in part contributed to our success, the board has inappropriately chosen to silence my concerns through termination as an executive officer.”
Zimmer’s guarantee–“You’re going to like the way you look. I guarantee it.”–along with an image of him is still on the Men’s Wearhouse website.
Shares of the company have dropped by as much as six percent after the announcement.
The company in its annual report released in March said that Zimmer is central to its public image and advertising.
” The extended loss of the services of Mr. Zimmer or other key personnel could have a material adverse effect on the securities markets’ view of our prospects and materially harm our business,” the annual report said, according to Reuters.
Zimmer had transitioned from president to chief executive to executive chairman through the decades after founding the company.