The co-founder of premium brand Guess, Maurice Marciano, has announced his retirement from the company’s board of directors, effective immediately.
Marciano established Guess in 1981 alongside his brothers, Paul, Georges and Armand, and had previously served as chairman and chief executive officer of the company over the duration of his career.
In a release, the businessman highlighted the foundations and vision on which Guess was built, adding: “Today, I’m proud to say that we have turned that vision into a reality, in what has been an incredibly fulfilling journey for me personally.
“As the second largest shareholder of Guess, I’m grateful to the board, to Paul, and to Carlos and the entire Guess family for their partnership and commitment to our brand, and I’m confident that the company is well positioned to continue its success long into the future.”
Marciano’s time at Guess hasn’t come without some substantial hiccups, however. Back in February 2022, activist shareholder Legion Partners Asset Management called for the removal of both Maurice and Paul Marciano from the company’s board of directors amid a slew of sexual assault allegations against the latter.
While accusations, reports and a lawsuit surrounding Paul had circulated for decades, with as many as nine individuals coming forward, Guess continued to back the brothers after it said it had carried out an investigation into Paul in 2018 which led it to strongly refute the claims.
Ultimately, the board made the move to re-elect both Maurice and Paul later in April 2022, calling Legion’s withhold campaign “irresponsible” and a “massive distraction” from its financial performance.