George Zimmer, the founder and longtime face of Men's Wearhouse, has been fired by the company. Guess they didn't like the way he looked as CEO!
Zimmer started MW back in 1973, and appeared in countless ads reciting his famous tagline, "You're going to like the way you look, I guarantee it."
The company announced the abrupt termination in a brief statement just hours before the company postponed its annual shareholders meeting.
"The board expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company," MW said, declining any more comment.
Zimmer, the 64-year-old founder and public face of the discount apparel chain, served as CEO from 1991-2011, when he was named executive chairman.
According to the company's latest proxy, he holds a 3.5 percent stake and that he made nearly $2 million in pay, bonuses and other compensation in 2012.
Men's Wearhouse will still owe Zimmer $250,000 annually for four years under a licensing deal for his image in advertising and marketing efforts.
He's also due termination pay and benefits valued at $2.7 million.
We guarantee that's not a bad golden parachute, so to speak.
UPDATE: Zimmer tells CNBC, "Over the past several months I have expressed my concerns to the Board about the direction the company is currently heading."
"Instead of fostering the kind of dialogue that has contributed to our success, the Board has inappropriately chosen to silence my concerns through termination."
Not an amicable split, in other words.