Fashion designer and co-founder of Guess? Inc. Paul Marciano speaks at GUESS Celebrates 35 Years with Opening of Exhibition at the FIDM Museum & Galleries at FIDM Museum & Galleries on the Park on June 5, 2017 in Los Angeles, California. (Photo by Emma McIntyre/Getty Images for GUESS, Inc. )
Guess Inc. says its co-founder Paul Marciano is stepping down after the completion of a company-commissioned investigation into allegations of sexual harassment and assault.
The Los Angeles-based fashion company announced in a filing Tuesday with the Securities and Exchange Commission that Marciano is resigning immediately as executive chairman of the Guess board, and his brother and co-founder Maurice Marciano will take over.
Paul Marciano, who has denied the allegations, will remain a board member and stay on as chief creative officer through January.
The filing says allegations against Paul Marciano included inappropriate comments and texts, and unwanted kissing and groping. It said many of the allegations could not be corroborated, but others were credible.
The company says that it has settled lawsuits with five of Paul Marciano's accusers for a total of $500,000.