Men’s Wearhouse has ousted Executive Chairman George Zimmer, the face of the company he founded 40 years ago, sending its shares down as much as 6%.
Remember the guy with a smooth husky voice, who appears in TV commercials and closes with the slogan, “You’re going to like the way you look. I guarantee it”? That’s Zimmer.
The board gave no reason for the ouster, but Zimmer suspects it was to silence him because he expressed concerns over the direction the board was taking his company, Reuters reports.
Founders should take Zimmer’s sorrowful corporate tale as a fable. Here are five lessons every founder should keep in mind:
As a founder, you can put up a good fight against an ouster. But your board of directors is the most important link and bridge in your transition out. If you love your corporate brain-child more than yourself, help management understand aspects of the organization so they will have the necessary tools to hire and evaluate your successor. It will help your company in the long run.
“I guarantee it.”
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Related Resources:
- Board Ousts George Zimmer From Men’s Wearhouse (San Francisco Bay Area’s KNTV)
- Papa John’s Racist Voicemail Spurs CEO Apology (FindLaw’s Free Enterprise)
- The Yelp CEO Response to the Yelp Lawsuit (FindLaw’s Free Enterprise)
- How to Land a Corporate or Nonprofit Board Position (FindLaw’s In House)
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