Men's Wearhouse (MW) Founder George Zimmer Axed, Reports Say he Had Trouble 'Letting Go'

June 19, 2013 11:50 AM EDT
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On Wednesday morning, the Board of Directors of Men's Wearhouse (NYSE: MW) announced that it terminated founder George Zimmer from his position as Executive Chairman. In the view of analyst Richard Jaffe of Stifel Nicolaus, Zimmer had trouble "letting go."

"We believe that despite Zimmer's planned transition to a smaller role at the company, he had difficulty letting go of the reins and the leadership of the business," said Jaffe. "We believe that this led to a conflict with the board and his subsequent termination."

Jaffe thinks management has been running the business effectively and he also thinks its long-term viability is still positive.

Stifel Nicolaus has a Buy rating on The Men's Wearhouse, Inc. (NYSE: MW) with a price target of $38.00

For an analyst ratings summary and ratings history on The Men's Wearhouse, Inc. click here. For more ratings news on The Men's Wearhouse, Inc. click here.

Shares of The Men's Wearhouse, Inc. closed at $37.47 yesterday.

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