George Zimmer, the founder, chairman and spokesperson of the Men's Waerhouse has been terminated.
Most people recognize Zimmer from the Men's Wearhouse TV ads which have featured his signature baritone-voice and slogan, "You're going to like the way you look. I guarantee it" since the mid-1980's. However, on Wednesday the men's suit company confirmed Zimmer's departure through a brief statement without giving a reason, adding that his leave won't affect operations, reports USA Today.
In 1973, he and his college roommate opened the first Men's Wearhouse store, which sold $10 slacks and $25 polyester sport coats, in Houston. The former substitute school teacher helped turn the lone Houston store into one of the nation's largest men's specialty retailers, with 1,239 stores under the Men's Wearhouse, Moores, K&G and Tux brands.
In a statement to cable news channel CNBC, Zimmer said 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 through termination as an executive officer."
Ironically, Zimmer's ouster comes less than a week after Men's Wearhouse reported a 23 percent gain in first-quarter earnings on a 5 percent sales increase. After falling about 16 percent in 2012, shares were up about 20 percent so far this year before Wednesday's announcement. Shares slumped nearly 7 percent in early trading before closing off 1 percent at $37.04.
The 62-year-old served as CEO from 1991 until 2011, when he was named executive chairman and holds a 3.5 percent stake in the company, reports the Associated Press.
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