Guess co-founder Paul Marciano steps down amid sexual misconduct claims
The decision to step down has come just weeks after Marciano was accused of sexual misconduct by Kate Upton.
Just weeks after Kate Upton accused GUESS co-founder Paul Marciano of sexual misconduct, the company has announced in a statement that he’s stepping down from his daily operations at the company until an internal investigation is over. Marciano has agreed to "relinquish his day to day responsibilities at the company, on an unpaid basis," as the allegations are being investigated, Guess said in a press release on Tuesday.
"I have pledged my full cooperation to the company, and I have the utmost confidence in our CEO, Victor Herrero, to continue leading the Company during this time," Marciano said in the press release.
Marciano has previously denied all the allegations made by Upton. The company has since formed a special committee to investigate her claims. She said in her claims that Marciano's actions "took a huge toll on my confidence and self-worth."
However, Guess came out with a statement on their own, recognizing Upton's claims and assuring the public that an investigation is on to look into the matters.
"The Board of Directors and Mr. Marciano have agreed that Mr. Marciano will relinquish his day to day responsibilities at the Company, on an unpaid basis, pending the completion of the investigation," a statement from Guess read. "The Company takes very seriously any allegations of sexual misconduct, is committed to maintaining a safe work environment and looks forward to the completion of a thorough investigation of all the facts."
Marciano is the chief creative officer and a board member who co-founded the designer brand in 1981. As soon as the sexual misconduct news hit the stands, Guess has suffered from a massive decline in their stock market prices. The share price for Guess (GES) dropped about 4% on Tuesday, after the company's decision to have Marciano step down.
The stock price has dropped more than 20% since Upton posted a tweet on January 31 with the #metoo hashtag often used by victims of sexual harassment.
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