One day after Men's Wearhouse announced it was terminating founder George Zimmer's position as executive chairman, its stock remains shaky.
Shortly after Thursday's open, the company's stock price dropped by nearly 2 percent. Men's Wearhouse stock also weathered a turbulent Wednesday, plummeting by nearly 7 percent shortly after Wednesday's open, but recovered much of that loss by the end of the day.
The news of Zimmer's firing came Wednesday morning, just hours before the company's annual meeting. In a brief press release, the company gave no reason for Zimmer's termination, explaining only that it "expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company."
Investors were left in the dark as to the reasons for the move as well. In the firing announcement, the company also abruptly postponed its annual meeting, originally scheduled for Wednesday afternoon.
In a statement of his own, Zimmer revealed that there had been ongoing disagreements between himself and company leadership.
"Over the past several months, I have expressed my concerns to the board about the direction the company is currently heading," said Zimmer in a released statement. "Instead of fostering the kind of dialogue in the boardroom that has, in part, contributed to our success, the board has inappropriately chosen to silence my concerns by terminating me as an executive officer."