Men’s Wearhouse Founder Fired [VIDEOS]
For decades, George Zimmer has been telling us that we're going to like the way we look... he guaranteed it! Now, the 64-year-old will have to find something else to guarantee. The Men's Wearhouse has fired it's founder and executive chairman.
Zimmer opened the first Men's Wearhouse in Houston, Texas 40 years ago. He has been the executive chairman since 2011, after serving as CEO since he started the company.
The board has not given any reason for Zimmer's termination, but it obviously wasn't over dwindling sales. Last year, the suit company did $2.38 billion in sales. This year, revenues were up 5.1% in the first quarter. With their share price is up 20% in 2013, The Men's Wearhouse is doing very well.
Even though Zimmer is out, you'll likely see him in more commercials. The Men's Wearhouse owns the legal rights to his image, and they have over 500 hours of unused footage of the ex-chairman.
George Zimmer raked in about $2 million last year in salary and bonuses. He'll be getting somewhere around $2.7 million in severance pay, plus another million for the use of his image.
Do you think he'll be less effective as a spokesman knowing that he was fired, and that future video we see will have been recorded before he was axed?