now now george zimmer has been out of -- now george zimmer has been ousted from the company he founded. janine de la vega is live with what employees had to say. good afternoon, janine. >> reporter: well, workers are surprised. they say that george zimmer used to come in the store from time to time. they describe him as very likable and friendly. used to see him on the dance floor at company corporate parties. now it's unclear if we'll ever see his familiar face on tv anymore. >> i guarantee it. >> reporter: zimmer has been appearing in commercials for men's warehouse since 1986. he founded the men's clothing store that specializes in suits in the 1970s, starting a small store in texas. it grew nationwide to more than 1100 stores. the company's executive offices are in fremont. no one there would speak to us on camera about zimmer. the company released a statement saying zimmer is no longer chairman and the shareholder meeting today was being postponed. we just received a statement from zimmer which says, "over the past several months i've expressed my concerns to the board about the d

. >> george zimmer. he single handedly turns men's wearhouse into a household name but today the company he started fired him. joe vasquez asked who could replace george. >> the men's wearhouse has a sglael over the past four decades, as his hair has gotten lighter. >> i've been saying i guarantee it. >> and lighter. >> i guarantee it. >> he has continued his guarantees. >> you're going to like the way you like. i guarantee you. >> but now george zimmer is out, fired, and men's wearhouse is giving in information why. sels suits in san francisco for thousands of dollars each. he knows zimmer but, of course, doesn't consider him a competitor. >> he made sports coats accessible to men that might not otherwise have been exposed to it. >> zimmer started as a small shop owner in texas. he rose to become the multimillionaire ceo of a nationwide discount suit company based here in fremont. last year he was replaced as a hands-on manager and was still guarantees, but there's been turmoil behind the scenes and he'

zimmer founded the company more than 40 years ago. he's famous for his commercial tag line, you're going to like the way you look. the head of a silicon marketing agency says zimmer will be tough to replace. >> there's going to be a deficit from that because his voice is so gravelly and so sexy and looks so good, that he has been the brand of the company. and people have shopped there because of him. >> zimmer's first commercial for the men's warehouse was back in 1986. >>> a controversial concert has been called off. michelle shock will no longer perform during pride weekend here in san francisco. last night, we told you that the singer would perform on june 30th. "the san francisco examiner" was sponsoring the show. but the examiner canceled the show. >>> condolences are coming in from all over the country for james gandolfini for his sudden death today. the actor died of an apparent heart attack at the age of 51. the new jersey native won three emmy awards for his work as tony soprano. and worked steadily after the series ended. he

the entire men's wearhouse brand and identity was george zimmer. when you do away with him, you do away with the image of men's wearhouse, because the moment you mention men's wearhouse, george zimmer, his catchphrase, comes to mind." that was david johnson, ceo of strategic vision. men's wearhouse owns 500 hours of zimmer's voice and tv footage. the retailer reportedly will pay him $1 million in the next 4 years. now on to more fallout from yesterday's policy announcement from the federal reserve. to stimulate the economy, the fed has been keeping borrowing costs low for corporate america and mortgage rates at historic levels for home buyers and re- fi-ers. last month, fed chair ben bernanke made a comment that the fed is considering tapering off its bond-buying program and mortgage rates started to rise. bernanke also mentioned he suspects the uemployment rate will fall to 6.5% by 2014. once that happens, the fed may start to raise rates, which will bring higher interest for americans' savings accounts. in our cover story, healthcare reform exten

. >>> the inside story of what happened to men's warehouse's george zimmer, ahead in business news. >>> we can till the san jose skyline is about to change forever. within the past hour, crews breaking ground on a new 23-story building right in the downtown area. this one is at the corner of market and santa clara streets that's exactly where nbc bay area's bob redell is right now. bob, this one is a big-time project going on out there. what exactly can you tell us? >> reporter: john, as city councilman pointed out to us it will be a big summer for the city of san jose, especially here in the downtown because for the first time in years, roughly five years, there are going to be cranes reshaping the skyline here in downtown san jose. the first new project is going to be right up here at one south market. you are looking a at a rendering of it, a 23-story high residential building. just to give you perspective this building right here is that one right there and this building, new one, going to be taller than that just give it is you a sense of the size of this new project. just moment

the company added that zimmer had not been on the chief executive officer for two years. he was fired last year and in response he resigned from the company board. >>> plans to expand the ferry building in san francisco could take years. once complete, it would transport thousands of additional passengers across the bay area. tonight, a hearing is scheduled for a $110 million proposal that would add three new docks to the ferry building. project managers say additional services to richmond and berkeley are top pry or -- priorities and. >>> bonfires on ocean beach could soon be banned because the cost of picking up after them is becoming too high. the park service plans to hold community meetings to find alternate ways to run the fire pits. in the past, the park service says it cost about $90,000 a year to pick up trash and debris. >>> well, a very cloudy day for some. a very rainy one for others, especially up into marin county. there's reports coming in from marin county up to sonoma county in the russian river. i would not be surprised if some record rainfalls are set f

zimmer co-founded this company 30 years ago. he has been the pitchman the last 27.mmer talked to cnbc saying he was concerned about the direction of the company and "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 through termination as an executive officer." >>> now to a follow-up on that breaking news we brought you yesterday. major league baseball now firing back this morning, blasting the city of san jose for suing you the league over the a's potential move down to the south bay. last night, thousands of baseball fans packed the municipal stadium in san jose for the minor league all-star game, but the cuz, all about the major legal move by the big league giant, the a's, potential move to the south bay has been in the making for four years and san jose is just simply running out of patience a 44-page complaint accusing major league baseball of a "blatant conspiracy to deprive state of san jose from having a major league team." now, san jose giant

so much for liking the way george zimmer looks. zimmer, the founder,. chairman -- and pitchman -- for the discount suit chain, men's wearhouse, has been abruptly dumped by the retailer's board. zimmer had reportedly been in transition with the company and according to annalysts, may have been struggling with a diminshed role. in a statement, zimmer says he had expressed concerns about the direction of the company to the board and its reponse was his termination. starting july first-- shares of rupert murdoch's news corporation will trade as two different empires. the profitable entertainment units of his company -- the 20th century fox movie studio and the fox television network -- will become 21st century fox. the company's publishing arm-- harper collins and the struggling newspaper business will remain under the news corp name.this is a split that investors have been clamoring for.it becomes official on june 28. dish backs off its bid for sprint nextel corp.the satellite t-v provider said it was "impractical" to try and meet a tuesday deadline to sub

. >> i'm george zimmer, president -- >> now george zimmer, the president of men's warehouse, has been fired. the company's shares fell 6% during trading yesterday on the news zimmer told cnbc he had expressed concern to the board of directors about the company's direction. men's warehouse operates 1100 stores and did more than $2 billion in sales in 2012. zimmer had reduced his role in recent years and some analysts say he may have had some difficulty handing over control. >>> still ahead on "way too early," we obviously had a huge tumble in the stock market. we'll talk to andrew ross sorkin. and the stanley cup, the boston bruins had a bit of a tumble. 11 goals in this one. we'll see if they could hang on and come out with an overtime win. >>> you may have heard about the controversy concerning the so-called cap'n crunch. is it commander crunch? stephen colbert is weighing in on the revelations that have shocked the cereal world. that check on weather also forthcoming with bill karins when we come right back. we've been bringing people together. today, we'd like people to come togeth

zimmer told cnbc he had concerns about the company's direction. and famed italian fashion designers dolce and gabana have been fined and given suspended 20-month prison sentences for tax evasion. d & g is accused of setting up a front company in luxembourg where taxes are 33% cheaper than in italy. >>> bosh scolds them, serena apologizes to hem and tiger is going to sit them out. >>> plus an overtime thriller in the stanley cup finals. you're watching "early today." >>> now let's get the latest in sports. wild game four in the stanley cup final. chicago gets the first score. johnny oduya stripping the puck here. finds his teammate for the shorthanded goal. chicago scores with a backhand for a 3-1 lead. time to call it? no way. boston pulls even in the third period. chicago then steals the moment num overtime for the win. series tied two each. game five saturday on nbc. >>> the latest on patriots tight end aaron hernandez. first the death of odin lloyd. he was dating the sister of hernandez's girlfriend. now an unrelated lawsuit alleges hernandez s

what george zimmer of men's warehouse is saying. >> executives grilled on capitol hill and tea party members rally in washington, d.c. the investigation they are calling calling for and the organization they say should be abolished. >>> hundreds of tea party demonstrators converged on the u.s. capitol hill demanding a investigation into the irs after targeted conservative groups. some including republican congresswoman michele bachmann called for an tend to the irs. >> you are here and you are clear with your message and your message is it is time to abolish the irs. >> the irs is very, very abusive towards the american people. and it is time that ends. the government is to serve us. we are not to serve the government. >> congress are investigating the irs scandal but the tea party wants the president to appoint a outside special counsel. >>> a official says they approved a miracle attributed to the pope. the case now goes to a commission of cardinals and then pope francis. the newest member of the royal family weeks away from being born. they are making preparations. duchess of camb

. >> today the fremont-based board decided to out the famous founder, george zimmer. the power struggle, and the show shoes someone will have to fill. >> reporter: since the early '70s, he has been the voice and the raspy voice guaranteeing you're going to love the men's warehouse. but as of today? no more. >> reporter: for the past fou decades, as his hair has gotten lighter and lighter. >> i guarantee it. >> reporter: he has continued his guarantees. >> you're going to like the way george is out. fired. and men's warehouse is giving no explanation why. >> nothing is guaranteed. >> reporter: will has sell ed sold for years. >> he made sports coats accessible to men that might not otherwise have been exposed to it. >> reporter: zimmer started as a small shop owner in texas. he rose to become the multimillionaire ceo of a nationwide suit company based in fremont. last year, he was replaced as a hands-on manager. but there's been turmoil behind the scenes, and he's become les prominent in the commercials. the pr manager says men's warehouse should probably think of a re

zimmer appeared in its tv commercials. men's warehouse gave no reason for the abrupt firing of zimmer. >>> stocks are trading lower after word the federal reserve could scale back monthly bond purchases. fed chairman ben bernanke is talking with reporters now. the current stimulus policy has kept long-term interest rates at record lows and fueled a surge on wall street with the dow hitting recent records. but they are nervous now. the dow is down triple digits with less than an hour to go in trading. this is a live look at ben bernanke speaking. they could scale back those purchases beginning this fall. >>> here's a look at the big board. we talked about the triple digits. the dow is down about 150 points. >>> and how is my driving? how about calling the number on the back of one of those trucks? it could lead to a new kind of road rage. >> a bizarre and dangerous epidemic in london. sidewalks are exploding as pedestrians walk across. what's behind the blowup coming up next. >> hi, i'm meteorologist lawrence karnow in the

. >> men's warehouse fired george zimmer. he is the popular pitch man. no reason for his removal.t is less than a week after they had a 23% gain in 1st quarter earnings. customers were shocked he was fired from the company he started. >> bring george back. he legality it up to 1100 stores and was part of the bay area scene. >> they fire people for no reason. >> they will figure out what role zimmer will have with the company moving forward. >>> a thrilling game in the stanley cup finals. what happened at at&t park today and the highlights next. make your 4th of july plans now. it is the only local live show from san ravel, milpitas, pleasant hill and san francisco. look at them kids. [ sigh ] they have no idea what it was like before u-verse high speed internet. yeah, you couldn't just stream . one time, i had to wait half a day to watch a movie. you watched movies?! i was lucky if i could watch a show. show?! man, i was happy to see a sneezing panda clip! trevor, have you eaten today? you sound a little grumpy. [ laughter ] [ male announcer ] connect all your wi-fi-enabled device

they put out a response in response to zimmer's letter. he refused to work with new management and argued that they sold the company to an investment firm. it seems zimmer had a hard time understanding that men's wearhouse is a public company, and that he was against the outside options. he lives in the east bay. and men's bear o house is based in fremont. >>> trying to act before it's too late. the president tackles climate change and outlines an ambitious new plan. >>> communities are preparing for the possibility of seeing 10,000 state prisoners released. in tonight's reality check we take a look at the claim from the police chief's association that this presents a threat to public safety. >> it's hike planning a party when you don't know what the day is. you don't know if your guests are going to be in town or not. >>> also preparing for prop 8. how san francisco is gearing up for tomorrow's supreme court ruling. we're back in two minutes. ♪ ♪ i gotta go deposit a check, transfer some money. so it's your uncle's turn. what? wait, wait,

why zimmer was fired. they said sazimmer had ha hard time understanding they were public with an indedent directors. 64-year-old zimmer who lives in the east bay owns 3.5% of the company stock. >>> it's a video that went viral, a boy got creative at his fifth grade graduation. when asked to share his best memory of the school year. >> the memory i chose, well, it's like my least favorite memories. i guess you can find out what it was, when the giants won the world series. >> casey talking about how rough it is being a dodger's fan in a school and an area full of giant's lovers. the video has more than 205,000 views on youtube. casey is donating any money to gets from the video to bryan stow, the giants fan recovering from an attack outside of the stadium in 2011. by the way, here he is tonight. the dodgers honored him by letting hem throw out the first pitch against the giants. here is a you. he was happy tonight, the dodgers looked good. we're back in a moment with dave. ♪ [ roars ] ♪ ♪ [ roars ] ♪ [ roar

the company announced the removal of founder george zimmer today. george zimmer says it is because he spoke out against the direction of men's warehouse in the last few months. men's warehouse didn't comment, but they canceled a shareholder meeting. he opened the first warehouse in 1973 and there are now more than 1100 stores nationwide. >>> the daughter of former new york yankees manager joe torre is being called a hero after she caught a falling baby. 44-year-old kristina torre was buys bicycling when she saw the baby hanging from an awning. tor re was there to catch the child. the parents were arrested for child neglect. >>> the naked mole rat could hold clues to fighting cancer. the african rodent lives 30 years or more and are resistant to cancer. they identified a chemical that prevents the animal from getting the disease. it exists between cells in tissue, but the quantity of the substance in the naked mole rat is five times larger than humans. the scientist is hope this discovery could lead to a cancer treatment. >>> chipotle is coming clean

it shows. >> you can like the way you look. >> not anymore for george zimmer. we have a triple digit day ahead of us or do we? just moments ahead of the opening bell, and it is another big day for trading here on "squawk on the street." tioned to accept less and less in the name of style and sophistication. but to us, less isn't more. more is more. abundant space, available leading-edge technology, impeccable design, and more than you've come to expect from a luxury vehicle. the lexus es350 and epa-estimated 40 mpg es hybrid. this is the pursuit of perfection. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get

they also say zimmer expected veto power over significant corporate decisions.week george zimmer blamed the company's board for failing to follow his ad vice. shares of the company stock jumped 6% today. well, just one week after that violent car crash that killed the renowned journalist michael hastings, one of his friends spoke to fox news about a mysterious email. an email the now dead writer sent just before that crash. an email that urged his colleagues to find lawyers. plus, police say this surveillance video captures a man breaking into a home brutally attacking a woman in front of her little 3-year-old and stealing the woman's jewelry. now investigators say they need help finding this suspect. that's all ahead as fox reports live tonight. make a wish! i wish we could lie here forever. i wish this test drive was over, so we could head back to the dealership. [ male announcer ] it's practically yours. test drive! [ male announcer ] but we still need your signature. volkswagen sign then dre is back. and it's never been easier to get a jetta. that's the powe

but zimmer is not going quietly. bertha coombs joins us now with zimmer's side of the story.ening, bertha. >> good evening, larry. that's right. the company has postponed tomorrow's scheduled shareholder meeting in the wake of the ouster. and george zimmer is making it clear he and the board are splitting on bad terms. in a statement to cnbc, you've got to imagine that famous deep basso profoundo voice saying this -- "over the last 40 years i have built men's wearhouse into a multibillion-dollar company with amazing employees and loyal customers," he says. "but over the past several months," he says, "i have expressed my concerns to the board about the direction the company is currently heading in. instead of fostering the kind of dialogue in the boardroom that has in part contributed to our success, the board," he says, "has inappropriately chosen to silence my concerns through termination as an executive officer." the stock today fell more than 1%. i guess they didn't like the way that looked on wall street. but year to date the stock is up 19%, outperforming the overall ma

we may be looking for another chapter. >> george zimmer, he guarantees it. thank you so much, bertha coombs. >>> 4:46 right now. christina loren here to tell us who probably will need umbrellas heading out the doors. it's coming down. >> all y'all will need those umbrellas today. make sure you have it especially for the little ones. heavier rainfall, about twice as much. most of it will come through this morning. here is where we're starting out this morning. balmy out there, no need for a heater because we're starting out so mild, it's going to end up warmer today than yesterday. we'll hit more 80s inland than yesterday. 63 degrees in oakland. 64 to start. good morning in sunnyvale. here is where we're headed as we head through the day today. the showers will become more organized. more steady rainfall as we head through the next couple hours. we're starting to see that already from montero to half moon bay. here is where we're headed as we get into the 6:00 hour. heavier pockets of rain start to develop in the north bay. starting to see action in the south

but that zimmer had trouble relinquishing control, which led to this current conflict.all has to be a bitter pill for zimmer to swallow. >> i went to the men's wearhouse. >> reporter: he founded the company in the 1970s. this little bald guy was the initial spokesman. that didn't go over so well. so, in the mid-1980s, zimmer stepped in and shot hundreds of ads. as the company grew and grew. now, before you feel too bad for zimmer, consider that his most recent pay figure was nearly 2 million bucks. and he still owns 3% of the men's wearhouse, a stake worth more than 66 million bucks. so, while he may not like the look of whoever the new spokesman is, he probably likes the look of his bank statement. >> i guarantee it. >> reporter: for "good morning america," dan harris, abc news, new york. >> he did okay. >> i think he's doing fine. >>> let's get the weather, now, from sam. we are doing okay, as well. yesterday had to be one of the most beautiful days of the year. in new york city. >> a lot of people were saying exactly that. standing outside -- if you got a chance to g

. >> george zimmer is as iconic a name as is the pillsbury dough boy and tony the tiger. >> reporter: it was hard for him to give up day to day control when he stepped down last year. very active in bay area charities and philanthropy along with liberal politics. >> george zimmer is a member of the national organization for the reform of marijuana laws, normal. >> reporter: he donated $70,000 to the 2010 losing ballot measure to legalize pot. what's next for his former company? >> one, i would want to look at who my main customer was and their age range. and i would try to find somebody in that age range with that credibility to repeat the same message that george zimmer has repeated for so many years and brought such luster to this brand. >> you're going to like the way you look, i guarantee it! >> you're going to like the way you look, i guarantee you. >> you're going to like the way you look, i guarantee it. >> reporter: the search is on. mike sugerman, kpix 5. >> following the announcement, men's warehouse postponed its annual shareholders meeting which was supposed to be held tod

zimmer the extent, if any, and terms of his ongoing relationship with the company." a sudden turn of events that's hard for either side to dress up. men's wearhouse has been doing verile when it comes to sales, and its stock prices have been strong lately. did take a hit on the news, losing about 1% of its value. raj? >> thank you very much. >>> the questions continue from oakland to san jose. what now regarding the future of the as. after yesterday's bombshell announcement, business owners and baseball fans in the south bay are cautiously optimistic. san jose is hoping to move the as to the south bay. kris sanchez has more. the as and a lot of businesses have been really in limbo for four years now. >> reporter: they've been waiting for a while. and in fact that fence that you see behind me could soon become the gateway to cisco field. that 32,000-seat stadium where the as could play without sharing any of the facilities with any other team. while they've been waiting to see what would happen, so have the business leaders. they've been watching the weeds grow in all

but just like jobs, george zimmer may have the last laugh.ll the word on wall street, and that is next. plus, that sound you hear is the business world's john hitting the floor. collecting a pension of $159 million. that's a pension. it has more than double the size of the competition. how did he pull this off? stick around. can you ever have to much "money"? apparently he doesn't. ♪ at od, whatever business you're in, that's the business we're in with premium service like one of the best on-time delivery records and a low claims ratio, do whever it takes to make your businesour business. od. helping the world keep promises. ♪ melissa: whether it is on wall street or main street, year isee that owns time warner cable. sure, i may be one of the most famous companies in america. that is not stopping the ceo of liberty media from reportedly wanting to acquire it. looking at options for charter communications, which he owns a big chunk of. you buy the cable company. shares of time warner cable jumped more than 4%. good for the shareholders. meanw

. >> george zimmer is as iconic a name as is the pillsbury dough boy and tony the tiger. >> reporter:r stepped down as the hands-on manager last year and some analysts believe it was hard for him to give up day to day control when he stepped down last year. he is 64 years old. very active in bay area charities and philanthropy along with liberal politics. >> george zimmer is a member of the national organization for the reform of marijuana laws, normal. >> reporter: he donated $70,000 to the 2010 losing ballot measure to legalize pot. what's next for his former company? >> one, i would want to look at who my main customer was and their age range. and i would try to find somebody in that age range with that credibility to repeat the same message that george zimmer has repeated for so many years and brought such luster to this brand. >> you're going to like the way you look, i guarantee it! >> you're going to like the way you look, i guarantee you. >> you're going to like the way you look, i guarantee it. >> reporter: the search is on. mike sugerman, kpix 5. >> following the announcemen

his name is george zimmer. guarantee you know his voice. >> you're going to like the way you look. i guarantee it. >> told you so. men's warehouse isn't saying why zimmer is being dumped. but in a statement, he says the board has chosen to silence my determination. it may be the board did not like his views on, well, let's just say illegal drugs. he refused to require criminal background checks and supports legalizing marijuana. zimmer helped found california's proposition 19 to legalize marijuana. great to see you both. john, do you think this is the big question for companies with this whole pot issue, should pot be legalized? >> i do think pot should be legalized or at least decriminalized. you see this across the country, attitudes of changed. more than 50% of americans think pot should be legalized. so yeah, wake up. it's not a threat oh the republic. >> margaret, could employers stop testing for marijuana use? >> i don't think they could. and i don't think that pot should be legal. i think the headline is

zimmer was 64 years old and cup that what apollo group why would they terminate him?nd go. did he have an affair? was the last director of? stocks were up huge for the last six months as the economy improved. people purchase cheap suits submit date look good for the to again look for work. >> reporter: less talk about home prices spurred we see a lot of gains a with things level off or continue? >> higher interest rates are happening marlowe's are no longer recall all spirit people are seeing real estate values go up and they're putting their homes up for sale. double in my neighborhood where there was once tan are now turning. this is where they should be. it got too hot, then it became too cold so now is beginning to level. housing bids are becoming higher. friend of mine tried to buy a home in long beach california and 20 percent over the asking price. >> reporter: how about apple tv? things are looking up for them. >> i love mine apple tv and i can watch my game a thrones and that's a good day. 21st century is not about watching things in your living room is about

the men's wearhouse last week fired executive chairman and co-founder george zimmer.r. he's the guy who says "you're going to like the way you look. i guarantee it." zimmer claims he was fired because of disagreements over what the direction of the company should be. i think firing george zimmer from men's wearhouse, it's like firing santa for christmas. you can't. but they did. he's out of his own company. and not only is he out as an executive, they've already replaced him as spokesman, too. >> at men's wearhouse you'll find quality men's clothing at deep discounted prices. thousands of name brand suits, sport coats, slacks, and shirts, all 20% to 30% off retail. >> ah! you're going to like the way you look. i guarantee it. hey! [ applause ] >> jimmy: was that gary busey? we need to take a break. when we come back, i think you'll like this. our confusing question of the day. it involves the supermoon, tightrope walking plus paula deen. plus liev schreiber, amy schumer, and music from iron & wine tonight. so hang out. way off. try the picante. ♪ [ gasps ] a little mo

zimmer has been fired as executive chairman. >> in a statement zimmer said quote, over the past severalessing my concerns about the direction the company has been turning. instead of dealing with it they've chosen to silence my thoughts. >> cbs analyst melodylody hobson is with us. good morning. >> good morning. >> everybody knows george zimmer. this is an interesting business story because how often has a company remove its founder. >> we've seen this story play out time and time again. here you have a founder, 37 years building the company from one store to nearly 1,300. they put in a success plan three years ago saying that he was going to move down and scale out and he's probably had a very hard time letting go. probably became disruptive in the he feels like he's earned the right to win and yet the board has to go with the newer person who's going to be there for a long time. plus the new ceo has had great results. stock is up 207 this year. they reported strong earnings last week. they quadrupled in price since 2009. so, you know things have been going well. >> that's one case, bu

. >>> the men's warehouse is now explaining their decision to fire founder zimmer. the clothier said mr. zimmer had a hard time understanding that the men's warehouse is a publicly owned company. >>> elizabeth cordon explains why the decision has infuriated civil rights activists. >> reporter: in a 5-4 decision tuesday day the u.s. supreme court effectivity invalidated a key part of the voting act. the act was passed during the height of the civil -- >> the south is not the same south as it was in 1964. the whole country has changed. >> reporter: the section the justices were asked to evaluate enpowered the government to determine which states require oversight. it also allow it is justice department or courts to block discriminatory changes. as part of its ruling the court agreed the current formula is outdated and congress must reevaluate the progress for determining which states and locality require supervision. proponents say it is still necessary. recent attempts to enact discriminatory voting changes shows why the voting act should remain intact. >> this decis

. >> zimmer said he tried to raise concerns about the direction the company was headed but that thoserns were silenced. >> always cool. now we're just cooler. >> this is a unique design put together with a lot of help from some very world class gators. >> you have to get rid of it in a good way. >> from across the bay to around the world, the stories that matter on "kpix 5 news this morning. >> does the fbi use drones for surveillance on u.s. soil? >> yes. >> the stories that matter on kpix 5 news this morning. captions by: caption colorado comments@captioncolorado.com >> good morning, everyone. it's thursday, june 20. i'm michelle griego. >> i'm brian hackney. frank has the morning off. time now 5:31. >>> america's cup racing on the bay in jeopardy. kpix 5 reporter sue kwon is in san francisco on the rules debate that could keep the boats in port. good morning, sue. >> good morning. yeah. we're talking about 37 rules. there are a lot of them and they can only agree on two so far. in covering this, it seems like the race has already begun and we are hitting rough waters but it's par f

zimmer had difficulty accepting the fact that the men's warehouse was a public company.re saying he wanted to take them private, but mr. zimmer actually put out a letter last night addressing these allegations, and he said, this is a quote: >> r eporter: now, in that letter mr. zimmer actually points out that what he suggested to the board is that they explore the possibility of going private and perhaps to turn some of the wealth to the shareholders when they would do that. he said it was just a suggestion, but the board is saying they don't like the fact he hasn't been in control for the last two years. he tried to get control, and it's not going to happen. get ready for a good old-fashioned fight. cheryl? cheryl: and also the fact that he's the face of the company. without him fronting those commercial, you have a whole era that disappears with him. >> reporter: you do, but, you know, this company's been around since 1973. they had 2.4 billion, almost 2.5 billion in sales in 2012, and it's more than just men's warehouse. there's different men's clothing. my generation

. >>> there is apparently no bonus for george zimmer, the founder executive chairman and chief pitchman of mens warehouse. you know him from his commercials where he says "you're going to like the way you look, the guarantee it." he was fired today by the bored of directors. in a statement zimmer said he and the bored had been at odds for months about the direction of the company and that quote, instead of fostering the kind of dialogue until the bored room that has in part contributed to the success, the bored has inappropriately chosen to silence my concerns through termination. jp turning to market focus on a day when the fed was the driver, some stocks had stories their own. blackberry to under perform. bernstein says fewer than expected companies and individuals stepped up to the blackberry ten smart phone. shares up more than 30% in a year dropped nearly 4.5% today to close at $14.18. >>> and sprint lost ground as dish network walked away from making a new take over bid and mcquary recommended investors take profits there. sharps dropped 4% three times the normal volume closing at

the company announced the removal of founder george zimmer today. george zimmer says it is because he spoke out against the direction of men's warehouse in the last few months. men's warehouse didn't comment, but they canceled a shareholder meeting. he opened the first warehouse in 1973 and there are now more than 1100 stores nationwide. >>> the daughter of former new york yankees manager joe torre is being called a hero after she caught a falling baby. 44-year-old kristina torre was buys bicycling when she saw the baby hanging from an awning. tor re was there to catch the child. the parents were arrested for child neglect. >>> the naked mole rat could hold clues to fighting cancer. the african rodent lives 30 years or more and are resistant to cancer. they identified a chemical that prevents the animal from getting the disease. it exists between cells in tissue, but the quantity of the substance in the naked mole rat is five times larger than humans. the scientist is hope this discovery could lead to a cancer treatment. >>> chipotle is coming clean

details are finally emerging about what lead to men's wearhouse firing its founder, george zimmer. after waiting nearly a week, a statement from the retailer says zimmer wanted veto power over corporate decisions. he was also let go in part because he wanted to take the company private by selling it to an investment firm. the board did not want to take on the debt from the transaction. the issue has stirred up strong emotions from clients who are expressing their concerns on facebook. the former head of mf global is facing backlash from wall street. reports say the commodity futures trading commission, better known as the cftc, is planning to sue jon corzine, who led the firm until its collapse in 2011. mf global lost nearly a billion dollars in customer money on risky derivitives trades. the cftc is expected to sue corzine for failure to prevent the losses. in a statement, corzine's lawyers call the suit "unprecedented and meritless civil enforcement action." yahoo's shareholder meeting turned into somewhat of a celebration. according to reports, the meeting had an upbeat tone now

that a statement from george zimmer. >> thank you so much. one more comment before we get to gundlach, that being steve weiss. what do you expect? what do you want to hear? >> i expect there to be a lot of volatility between the release and the press conference. it's going to be dovish i'm almost sure of that, however, it's a good time for the market to pause. ja let's get to jeffrey gundlach, the ceo of doubleline capital. thank you for joining us again. it's good to see you on what is such a big day for the markets. jo good to be with you, scott. >> what do you expect is going to happen later today? >> well, you know, why guess in a certain sense? but since you have asked me, i will guess. i think that the fed is going to reduce their bond purchases later this year because, as you know, my theory has been that what's really going on is the fed is financing the budget deficit, and the budget deficit is smaller than it was a year ago, and, therefore, the need for financing is less, and so bond purchases should be less. so they'll probably be

. >>> on wednesday men's warehouse showed george zimmer the door.id the company is appearing in ads, you'll like the look, i guarantee it. in a statement zimmer said he had expressed concerns about the direction of the company and instead of what he called, quote, fostering the dialogue that has in part contributed to our success, the board has chosen to ignore my concerns. they have a scheduled shareholders meeting but it was canceled so they could renominate another executive without zimmer. sales are up 5% in the most recent quarter. analysts are speculating zimmer and the board may have spent more on advertising. the board has been evaluating whether what zimmer said resonated with them. they're up about 18% this year. they're still down in early trading just about 1%. ross, certainly a big events week in the corporate world in the u.s. >> tough when it gets personal. kayla, thanks very much, indeed. >>> if you're just joining us, ben bernanke offering more clues on the qe. it has a big market impact for pressure on global assets. >>> gold and s

. >> reporter: george zimmer did both. >> the founder is very much at one with his company. >> reporter: the founder chairman and spokesman for the chain since 1973, zimmer ran the company for 20 years before stepping down as ceo in 2011. he was fired over an undisclosed dispute, a sup price for those who study ceos. they say performance, not personality is usually the firing for a founder's ceo but analyst richard jaffy says performance isn't a problem. >> they are on an accelerating trend of improved performance. stock is up 30% in the last 12 months, so things aren't going badly here. >> reporter: things were going badly for groupon this year when it fired the founder andrew mason. he sites two quarters of earning misses and a stock trading lower. apple disappointing mac sales took out steve jobs returning 11 years later his reappointment as ceo in july of '97 marking one if not the greatest corporate comebacks ever. michael dale's return to the firm, less successful. leaving on his own he returned and in a fight to control and take the computer maker private. others struggle but sou

. >> george zimmer's also out as ceo of men's warehouse.e started the company in texas and made it into one of america's largest american clothing stores. the company gave no reason for the move but zimmer said he and the board disagreed on the company's director. >> joya dawes in new york. thank you, joya. >>> well, coming up on the "morning news," winning the fight against the most commonly transmitted sexual disease. >>> new pictures of mars offer some of the most detailed images yet of the planet's surface. you're watching the "cbs morning news." >> announcer: "moneywatch" sponsored by vagisil wash with odor block, the confident clean. by vagisil odor block, the confident clean. hi, i'm amy for downy unstopables in-wash scent boosters, here with my favorite new intern, jimmy. mmm! fresh! and it's been in the closet for 12 weeks! unbelievable! unstopables! follow jimmy on youtube. unstopables! parebut not on your face. discover juvÉderm® xc. an injectable gel your doctor uses to instantly smooth out those parentheses lines for up to a ye

zimmer wanted to take the company private and raised concerns over the ce o's compensation. stock was $37.13. >>> sprint and next tell shareholders have approved the $21.6 billion deal. 80% of the shares were vote in favor of the deal. it ends a drawnout fight for the 30th largest carrier between soft bank and dish. >>> one more hurdle remains, the approval from the fcc expected in july. sprint finished the day fractionally higher at $6.88. >>> yahoo shares surged almost 4% as ceo delivered a strong report card at the company's shareholder meeting today. since the major took over about a year ago, yahoo stock surged 60%. how do shareholders think she's doing and her vision for yahoo? jon fortt has more. >> reporter: it's been quite a year for yahoo and now ceo marissia say -- marissia myer. myer emphasized the idea that better products will bring in more advertisers, who will spend money to reach yahoo customers. to show yahoo is on the way toward delivering the results, mayer had three product managers take the stage and do demos and offer stats to suggest they are well on

zimmer famous pitchman for this business. but ultimately being squeezed out by the new management team who say his face just doesn't fit with the new strategy. they also say he was urging the management team to sell the business on. he still owns a stake in the company here. but a parting of the ways and an acrimonious one, brian. >> jeff, thank you very much. stock futures in the u.s. slightly higher at this hour. majornous overnight, the drama in texas that has many americans hearing the name wendy davis for the very first time. that's because davis, a democratic state senator there filibustered the sp-5 anti-abortion bill for over 11 hours going late into the night and drawing attention all across the country as thousands were watching live online. >> if we were truly talking about women's health care, if we were truly talking about making sure women were safe after an abortion, this is the kind of thing that goes right to the heart of that and that we could agree. >> according to texas filibuster rules, she had to stay on