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(Reuters) - Apparel retailer Men's Wearhouse (MW.N) oustedExecutive Chairman George Zimmer, the face of the company founded 40 years ago, sending its shares down as much as 6 percent.
The company, which gave no reason for the dismissal, also postponed its annual shareholder meeting scheduled for later on Wednesday in order to renominate existing 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 terse statement.
Company spokesman Ken Dennard said he had no comment beyond what was in the statement.