Zimmer implied in a statement to CNBC that disagreements with the board led to his abrupt and bizarre departure:
"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, the Board has inappropriately chosen to silence my concerns through termination as an executive officer."
Zimmer's firing was announced in an icy company statement that implied he wouldn't be a part of Men's Wearhouse going forward. The company also postponed its annual shareholders meeting, scheduled for tomorrow.
Regardless of drama on the board, the company has been doing great. Men's Wearhouse just announced a 23% profit increase last week.
Here's the statement Men's Wearhouse released about Zimmer's termination:
FREMONT, Calif. , June 19, 2013 /PRNewswire/ -- The Board of Directors of Men's Wearhouse (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. The Company will set a new record date, provide additional information with respect to the Annual Meeting in a supplement to its proxy statement to be filed with the Securities and Exchange Commission and commence a new solicitation with respect to the supplemented proxy materials. Shareholders are urged to read the supplement in its entirety, as it will contain important information about the Annual Meeting.
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