Guess co-founder Paul Marciano is stepping away from his day-to-day responsibilities at the company. The announcement comes after models Kate Upton and Miranda Vee accused Marciano of sexual misconduct.
"I have pledged my full cooperation to the Company, and I have the utmost confidence in our C.E.O., Victor Herrero, to continue leading the Company during this time," Marciano said in a statement.
Earlier this month, Upton told Time that Marciano groped while on a campaign shoot in 2015. Marciano denied the allegations, telling People that he supported the #MeToo movement.
"I fully support the #metoo movement. At the same time, I will not allow others to defame me and tarnish my reputation," he said. "I have pledged to Guess and its Board of Directors my full support and cooperation with a fair and impartial investigation."
The investigation, which is still ongoing, will determine what role Marciano will have within the company going forward.
“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,” Guess said in a statement released Tuesday.
According to CNBC, Guess shares are down more than 15 percent since Upton came forward with her allegations on January 31. The shares dropped four percent on Tuesday.
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