Zimmer resigned in a letter sent to the board which, like his comments and those of the board last week, clearly indicated strategic differences without providing specifics on their sources.
“It is clear from the board’s decision to terminate me from my role as executive chairman and my position as a senior management executive that the directors have determined to avoid addressing my growing concerns with recent board decisions and the strategic direction of the company I founded and successfully led for the past 40 years,” he wrote, indicating his departure was effective immediately.
“As the founder and still a major shareholder, I still care deeply about the company and its future,” he stated, concluding by encouraging the board to continue to adhere to the “guiding principle of servant leadership [that] made The Men’s Wearhouse the great company it is today.”
He remains the company’s largest noninstitutional shareholder, with nearly 1.8 million shares of stock, or 3.5 percent of those outstanding. Shares of the Fremont, Calif.-based men’s wear chain closed Monday at $35.13, down 66 cents or 1.8 percent, valuing Zimmer’s holdings at a little over $62.2 million.
Men’s Wearhouse, the largest U.S.-based men’s wear chain with $2.5 billion in 2012 sales, shocked the industry last Wednesday by dismissing Zimmer and canceling the annual meeting scheduled to be held later in the day, at which the ousted chairman was to stand for reelection as a director. The meeting has not been rescheduled and Zimmer’s status as its advertising spokesperson hasn’t been addressed by MW.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty