NEW YORK: Paul Marciano, co-founder of the Guess fashion brand, resigned Tuesday in the wake of an investigation into sexual assault claims.
Marciano "exercised poor judgment in his communications with models and photographers and in placing himself in situations in which plausible allegations of improper conduct could, and did, arise," Guess said in a Securities and Exchange Commission filing.
He has resigned effective immediately from his post as executive chairman but will remain the company's chief creative officer and receive his salary until January 30 "to effect a smooth transfer of responsibilities," the filing said.
His salary was forfeited from February 20 to June 11.
The decision came after a unanimous vote by the board, from which Marciano and his brother Maurice recused themselves.
The brothers co-founded the brand in 1981.
Two independent investigators looked into allegations of "inappropriate comments and texts, and unwanted advances including kissing and groping," Guess said.
It said they interviewed more than 40 people and reviewed some 1.5 million pages of documents.
"Many of the allegations could not be corroborated," the filing added.
Guess and Marciano settled claims with five of the complainants for a total of $500,000.
"We are pleased at on Wednesday's news... and yet, much more remains to be done if Guess truly wants to be a brand that stands for respect for women," said lawyer Lisa Bloom, who represented four of the alleged victims.