June 25 Men's Wearhouse Inc said it fired
founder and Executive Chairman George Zimmer after he pushed to
take the company private and effectively demanded to be
reinstated as the sole decision maker at the clothing chain.
Zimmer opposed a potential sale of the retailer's K&G
fashion chain and instead argued for a risky sale of the whole
company to an investment group, the board said in a statement.
He also clashed with the board over executive compensation
and other operational matters at the company he founded 40 years
ago, the board said.
Zimmer, the chief executive until two years ago, had raised
concerns over successor Doug Ewert's compensation, which was
more than doubled this year, sources close to the former
executive chairman told Reuters.
"Mr. Zimmer eventually refused to support the team unless
they acquiesced to his demands," the board said.
It argued that taking the company private would be risky as
it would entail taking on heavy debt.
Zimmer, who is known to U.S. TV audiences for his
advertising catch phrase "you're gonna like the way you look - I
guarantee it," was fired last week. He quit the board on Monday.
The board, populated by some directors Zimmer has known for
decades, told him of the decision the day they announced the
firing, the sources said.