What is George Zimmer's Net Worth and Salary?
George Zimmer is an American businessman who has a net worth of $200 million. George Zimmer earned his fortune as the co-founder and former CEO of the clothing retailer Men's Wearhouse. After leaving his executive position in 2011, he remained the company's spokesperson until his termination in 2013. Zimmer went on to launch the on-demand personal tailoring network zTailors and the online suit rental company Generation Tux, serving as chairman and CEO of both.
Men's Wearhouse Stock Holdings
During his time as CEO, George Zimmer earned a base salary of $450,000. He would end up earning several million dollars with bonuses and other benefits. Most importantly to his net worth, when Men's Wearhouse went public in 1992 he owned 20% of the outstanding shares. By 1997 he owned 15%. Between the company's IPO and his firing in 2013, he sold $80-100 million worth of shares. By the time he was fired in mid-2013, he owned 3.5% of the company, roughly 1.8 million shares. On the day of his firing his stake was worth $67 million.
Early Life and Education
George Zimmer was born on November 21, 1948 in New York City into a Jewish family. He attended primary school in Scarsdale, New York, and later went to Washington University in St. Louis. Zimmer graduated from WashU in 1970 with a degree in economics.
Career Beginnings
Following his graduation from college, Zimmer worked as a substitute teacher. He then joined Royalad Apparel, the clothing manufacturing business of his father Robert. Later in the 1970s, Zimmer worked as a purchasing agent and salesman in Dallas and Hong Kong.
Men's Wearhouse
In 1973, Zimmer and his father co-founded the clothing retailer Men's Wearhouse in Houston, Texas. Beginning in 1986, he became known for his appearances in the company's television commercials, in which he closed with the company slogan, "You're going to like the way you look. I guarantee it." Men's Wearhouse grew to around 100 stores by the time it went public on the stock exchange in 1992. Zimmer turned the company into an industry consolidator by acquiring various competitors over the years, including Kuppenheimer, Moores, and After Hours Formalwear. He left his position as CEO of Men's Wearhouse in 2011, but continued serving as the company's spokesperson. Zimmer handpicked Doug Ewert to be his successor.
In mid-2013, Zimmer was fired from Men's Wearhouse for undisclosed reasons. While the initial press release declined to cite the reasons for his termination, Zimmer said in an interview with CNBC that he had expressed concerns to the board about the direction of the company, and was let go because of it. Due to public pressure for more details, Men's Wearhouse soon released an explanation of its actions claiming that Zimmer was adamant about having full control of the company and refused to accept anything less, something the public company and its independent board of directors could not allow.
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zTailors
In 2015, two years after being fired from Men's Wearhouse, Zimmer launched zTailors, an on-demand personal tailoring service with a nationwide network of tailors for both men and women. He serves as the chairman and CEO of the public company.
Generation Tux
A few months after launching zTailors to the public, Zimmer went public with the online suit rental company Generation Tux, of which he also serves as chairman and CEO. Headquartered in Louisville, Kentucky, the company allows users to rent suits, tuxedos, and other formalwear via its website. It permits customization, and sends garments out by mail. In 2017, Generation Tux acquired the rival online suit rental company Menguin.
Drug Advocacy
Zimmer has been a noted advocate of certain drugs. Due to his experience caring for his mother, who passed away from cancer, he supports research into the therapeutic use of the empathogen MDMA. Zimmer also led efforts in the legalization of marijuana by making large donations in support of California's Proposition 19 in 2010.
Personal Life & Real Estate
With his wife Lorri, Zimmer has four children. The family lives in Northern California and Hawaii. For about a decade they lived in Lafayette, California, in a home they sold for $6 million in June of 2022. In May 2021 they bought a home in Piedmont, California for $5.8 million.
In the 1990s George and Lorri paid $12 million for two oceanfront lots comprising 7.5 acres on Hawaii's Big Island. In 1996 they completed construction on a 7,000 square foot, 7-bedroom, 9-bathroom mansion that looks out at 1,000 feet of ocean frontage. The Zimmers listed this estate in 2015 for $35 million. They ultimately accepted $18 million in 2018. A few weeks before listing this home, the Zimmers paid $20 million for a home 3.5 miles up the coast. The seller was rock star Neil Young.
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