FREMONT, Calif., June 19, 2013 /PRNewswire/ -- The Board of Directors of Men's Wearhouse (NYSE: MW) 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.
The Company expects to announce the rescheduled date, time and location of the postponed Annual Meeting shortly.....
Mr. Zimmer is the co-founder and face of Men's Wearhouse. According to available information, Zimmer was paid nearly $2 million in fiscal 2012 for his work as Executive Chairman. That title means Zimmer had been functioning as a strategic decision maker at the company. The degree to which he was truly guiding the ship isn't clear but Zimmer is relatively young at 64.
Since no other information has been released by the company as of this writing, institutional and individual investors have been left to wonder:
* Why would the company "terminate" Zimmer so unceremoniously? Even unloved CEO's are given the courtesy of being allowed to "pursue other interests" or "spend more time with family."Read More »from Men’s Wearhouse Chaos: It’s Time to Halt the Stock
The market is hovering around flatline ahead of the most highly anticipated Federal Reserve meeting of the year. Shortly after 2:00pm EDT investors will feverishly parse through the FOMC's latest policy statement, followed by updated Economic Projections, and finally a Ben Bernanke news conference.
The Dow Jones Industrial Average (^DJI) has seen six consecutive days of 100-point moves, driven largely by small bits of information coming from Fed-related reporting. Today's slew of guidance from the Fed is sure to impact today's trade and potentially the market momentum moving forward.
Of key concern is how the Fed views its current $85 billion monthly asset purchasing program, and whether economic conditions warrant an upcoming change in the near-zero interest rate policy. Breakout's Jeff Macke and Matt Nesto give a full rundown of expectations in the attached video.
Will we hear the word "tapering"? Will the Fed upgrade or downgrade theRead More »from Market Awaiting Guidance from the Fed
It may not happen today, tomorrow or even this year, but at some point the Federal Reserve is going to either reduce its quantitative easing program or stop it entirely — of this we can be sure. The question facing investors is if they should care.
"This has been the longest anticipated move up in rates in history," says Hugh Johnson, who heads the advisory service Johnson Advisors. He doesn't think the dreaded taper will happen until the fourth quarter or early next year. That's bad news for those obsessing over the eventual demise of QE but good news for the economy, given that Bernanke has vowed to keep pushing rates lower until unemployment drops below 6.5% or inflation exceeds 2%.
Tuesday's Consumer Price Index report shows inflation well under the Fed's self-imposed trigger point, but unemployment obviously remains a problem. As Johnson sees it, rates will start to climb in anticipation of the most dreaded economic upturn in history but not until the Fed ends its endlessly "accommodative" policy toward rates as a whole, as opposed to the mechanical process of QE stimulus.
The argument in favor of cutting stimulus is now familiar. Maintaining artificially low interest rates hurts savers and anyone else investing in so-called risk-free assets. It's also expensive, risky and generally horrifying to free-market devotees.Read More »from Stop Trading Off Taper Talk: Macke
Breakout is Yahoo! Finance’s daily all-out, roll-up-your-sleeves, dive-in, interactive investing show, offering fresh segments throughout the trading day. If you love making money, if you want to protect what you have, if you’re passionate about understanding these crazy markets, you’re in the right place.
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