Economy

Guess co-founder steps aside amid Kate Upton allegations

Guess co-founder steps aside amid Kate Upton allegations

Paul Marciano, co-founder of Guess, has released a statement confirming he will step back from the company as an investigation into the allegations made against him by model Kate Upton are investigated.

The company said in the release that Marciano has denied the accusation.

"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", the statement from Guess reads.

The decision comes after model Kate Upton accused the designer of sexual misconduct on Twitter earlier this month, before further detailing her allegations in an interview with Time magazine where she claimed he "forcibly" grabbed her breasts during a meeting in 2011.

Marciano is the chief creative officer and aboard member who co-founded Guess in 1981.

Guess shares were down about 4 percent at $14.93 in early trading on Tuesday.

More news: Zimbabwean opposition leader Tsvangirai buried in rural home

"He shouldn't be allowed to use his power in the industry to sexually and emotionally harass women #metoo", Upton tweeted, using a popular hashtag created to highlight the wide spread of sexual harassment, without elaborating.

"After the first day of shooting the Guess Lingerie campaign [on July 25, 2010], Paul Marciano said he wanted to meet with me".

She added: "He started feeling them - playing with them actually".

Neither Marciano nor Upton was immediately available for comment.

Guess said it's formed a special committee of two independent directors to oversee the investigation.


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