After a nasty dust-up between an activist investor and the cofounders of Guess Inc., brothers Paul and Maurice Marciano have kept their seats on the company’s board of directors.
The investor group maintained that Maurice Marciano “appeared to turn a blind eye as the former chairman of the board and the company spent nearly $1 million on settlements with alleged victims.”
Legion Partners has maintained that models hesitated to work with Guess and that customers didn’t wantto shop at Guess because of the sexual harassment claims. In addition, the investor group claimed there was a “stock discount” due to allegations made againstAfter the shareholder vote, Legion Partners pointed out that 83 percent of the non-insider shareholders voted not to retain Paul Marciano. The Marciano brothers own about 41 percent of the company stock.
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