June 19, 2013 / 1:30 PM / 4 years ago

Men's Wearhouse terminates founder Zimmer as executive chairman

June 19 (Reuters) - Men’s apparel retailer Men’s Wearhouse said it terminated Executive Chairman George Zimmer, who founded the company more than 40 years ago, sending the company’s shares down 7 percent before the bell.

The company, which gave no reason for the termination, also said it had postponed its annual shareholder meeting to renominate the existing slate of directors without Zimmer.

“The board expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company,” Men’s Wearhouse said in a statement.

Men’s Wearhouse shares were trading at $34.79 just before the markets opened.

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