×
154
Fashion Jobs
PUMA
Senior Key Account Manager Running Nordic
Permanent · Solna
PUMA
Senior Marketing Manager Cobra Puma Golf Europe
Permanent · Solna
PUMA
Strategic Key Account Manager Pure Players
Permanent · Solna
H&M
Global Head of Marketing h&m Sport
Permanent · Stockholm
H&M
Project Leader For Material Certification And Material Trademark Within Group Compliance
Permanent · Stockholm
PUMA
Project Manager IT Sap
Permanent · Solna
H&M
Art Director – h&m Group Communications
Permanent · Stockholm
H&M
Data Analyst to Predictive Analytics Team @h&m Business Tech
Permanent · Stockholm
H&M
Data Analyst to an Inventory Optimization Team in Business Tech
Permanent · Stockholm
H&M
Business Minded Data Specialist to h&m Group
Permanent · Stockholm
H&M
Scrum Master (Service Now) to Support And Operations Toolings Team at h&m Business Tech
Permanent · Stockholm
H&M
we Are Looking For Business Intelligence Analysts to Group Expansion, h&m
Permanent · Stockholm
H&M
Business Intelligence Analyst
Permanent · Stockholm
H&M
Cyber Security Trainer
Permanent · Stockholm
H&M
Security Advisor
Permanent · Stockholm
H&M
h&m is Looking For a Business Expert For Allocation Precision
Permanent · Stockholm
H&M
Power bi Specialist to Kpi Dashboards Within Business Tech
Permanent · Stockholm
H&M
ai Learning & Development Manager
Permanent · Stockholm
H&M
Import-Export Manager to h&m Distribution Centre in Eskilstuna
Permanent · Eskilstuna
H&M
Scrum Master to Support & Operation Tooling, Monitoring & Insights Team at h&m Business Tech
Permanent · Stockholm
H&M
Data Analyst to Allocation Precision Team to Business Tech
Permanent · Stockholm
H&M
Data Analyst to h&m Business Tech - Payments Area
Permanent · Stockholm
By
Reuters
Published
Feb 9, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Fund wants Guess founders off board amid sexual misconduct allegations

By
Reuters
Published
Feb 9, 2022

An activist investment firm wants Guess Inc to remove the two brothers who co-founded the retailer, arguing allegations of sexual misconduct against one of them are holding the company back, a source said on Monday.


Instagram: @guess / @yasminekateb


​Legion Partners, which owns 2.5% of Guess, believes co-founders Paul and Maurice Marciano's ongoing involvement with the company casts a shadow over the company's activities, including recent positive steps by CEO Carlos Alberini, the person said.

Paul Marciano was sued last year by a model who accused him of having sexually assaulted her and model Kate Upton publicly accused him of sexual harassment in 2018. He resigned his position as executive chairman of Guess' board in June 2018 and was replaced by his brother, Maurice.

At the time Guess and Paul Marciano signed non-confidential settlement agreements for $500,000 with five people who had accused him of inappropriate conduct, according to a regulatory filing.

Both men are now directors on Guess' eight member board and Paul also holds the title chief creative officer. Legion argues both must go; Paul because of his alleged behavior and Maurice for having ignored it, according to the person.

The Wall Street Journal first reported the story on Monday.

A representative for Guess, which is valued at $1.4 billion, did not immediately respond to a request for comment.

The brothers founded the company in 1981 and own 38%, according to data from Refinitiv. In the last year, the company's stock price has dropped about 12%.

The company hired Carlos Alberini three years ago and Legion likes the changes he has made, including cutting costs, said the source, who is not permitted to speak publicly about the private matter.

​Legion has previously pushed for changes at retailers Kohl's and Bed Bath & Beyond and places a heavy emphasis on corporate governance. In 2021, Legion returned 35%, according to investors in the fund.

© Thomson Reuters 2022 All rights reserved.