Guess co-founder relinquishes daily duties after sexual-misconduct charges
New York — Guess co-founder and chairperson Paul Marciano is relinquishing his day-to-day duties at the company in the wake of sexual-harassment accusations by model Kate Upton and other women. The board and Marciano agreed that he should step away from the business — without drawing a salary — until the completion of an investigation, the apparel seller said on Tuesday. A special board committee with two independent directors is overseeing the matter. Marciano stepped down as CEO of Guess in 2015, but has held sway over the company through his roles as co-founder, chairperson and chief creative officer. He has denied the allegations, Guess said on Tuesday. "I have pledged my full co-operation 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 a statement. Guess shares fell as much as 4.4% to $14.86 following the announcement. They are down 12% this year. Upton stepped forward in late January...
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