"You're going to like the way you look. I guarantee it."
That's how most people identify George Zimmer, the founder and executive chairman of Men's Wearhouse Inc. — through his unwavering mantra in the company's frequent television advertisements.
But in a surprise move Wednesday, the company put off its annual shareholders meeting and gave Mr. Zimmer the boot, The Associated Press reported. Company officials didn't say why, but the move was particularly shocking, given the firm's first-quarter report, which showed a 23 percent increase in profit. AP reported the revenue growth was due in part to the prom season.
Wednesday's market reaction to the ouster was immediate. Shares fell more than 2 percent, or 80 cents, to $36.67, AP reported.
Mr. Zimmer grew the business from a one-shop Texas operation that used a cigar box as cash register to today's 1,143 locations.
In 2012, he backed Prop. 19 in California — a marijuana legalization ballot measure — with a $50,000 contribution, just one of his pro-pot activist efforts in recent years, ABC reported.
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