In a sudden and surprise move, the board of directors of Men’s Wearhouse today announced that it has terminated George Zimmer from his position as Executive Chairman. The Board expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company.
In light of Mr. Zimmer’s termination, the company also announced that it is postponing its Annual Meeting of Shareholders, which had originally been scheduled for June 19, 2013, at 11:00 a.m. Pacific daylight time. The purpose of the postponement is to re-nominate the existing slate of directors without Mr. Zimmer.
Zimmer told cable news channel CNBC that in the past several months, he had expressed his concerns about the direction of the company to the board of directors and that the board had “chosen to silence my concerns though termination as an executive officer.” However, the sudden nature of this event, coming on the date of a scheduled shareholders meeting, would indicate that there may be more to the story.
Zimmer was recently profiled by Karen Alberg Grossman in MR’s April issue tribute to the 40th anniversary of the company.