UPDATE: Paul Marciano is stepping down from Guess. In a filing made by Guess on Tuesday, it's stated that after an investigation into misconduct allegations against Marciano it was "found that on certain occasions Mr. 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."
The findings of the investigation were presented to the company board on June 7 and June 11, the same day that Marciano notified the board of his decision to resign as executive chairman, though he will remain on the board.
The filing also states that the company and Marciano "entered into non-confidential settlement agreements resolving claims of five individuals arising out of allegations of inappropriate conduct by Mr. Paul Marciano for an aggregate total amount of $500,000."
You can read the complete filing HERE.
Paul Marciano is taking a step back from Guess as the company completes an investigation into the sexual misconduct allegations against him.
"I have pledged my full cooperation to the Company, and I have the utmost confidence in our CEO, Victor Herrero, to continue leading the Company during this time," Marciano, who has denied the claims, said in a statement on Tuesday.
"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," a statement from Guess reads. "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."