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Men’s Warehouse Down 7 Percent After Announcing Zimmer’s Departure

In pre-market trading on Wednesday, shares of Men’s Warehouse (NYSE: MW) were down about 7 percent after the company announced that it terminated George Zimmer from his role as Executive Chairman.

If you’ve ever seen a Men’s Warehouse commercial you know George Zimmer. He’s the guy that ends (or ended) every commercial with, “you’re going to like the way you look. I guarantee it.” He’s the founder of the company yet.

According to Forbes, Zimmer’s 2011 total compensation was $1.7 million and in 2013, owned 15,110 shares of the company. He is also director of Apollo Group, Inc. (NASDAQ: APOL) where he receives total compensation of $329,839.

According to the statement, the board will also postpone the annual shareholder meeting.

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.

Disclosure: At the time of this writing, the author had no position in any of the equities mentioned.

[stock-tools exchange="NYSE" symbol="MW" image_height="230" image_width="350"]

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