George Zimmer, the founder and CEO of Men's Warehouse, has been ousted by the board. The Freemont, Calif.-based company had some harsh words for their former leader.
George Zimmer may not be a household name...but he is certainly a household face. Since 1985, he has offered up his award-winning line, "You're going to like the way you look. I guarantee it."
The board offered no information up as to why Mr. Zimmer was fired from his own company. But, they did offer this snippet concerning the ouster:
"The board expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the Company."
Mr. Zimmer, in his patented fashion, had more to say. A spokesman relayed his sentiments to the press, this morning:
"Over the last 40 years, I have built MW into a multi-billion dollar company with amazing employees and loyal customers who value the products and service they receive at MW. Over the past several months I have expressed my concerns to the Board about the direction the company is currently heading. Instead of fostering the kind of dialogue in the Boardroom that has in part contributed to our success, they Board has inappropriately chosen to silence my concerns through termination as an executive officer."
In the short time since Zimmer's ouster, the company's stock has plummeted. In just hours, it dropped seven percent, with analysts expecting MW's price to drop further.
Founded in 1973, Men's Warehouse is one of the largest specialtyretailers of men's clothing. They have over 1100 locations and, since 1999, has been listed on Fortune's "Top 100 Companies to Work For."
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