Guess CEO Victor Herrero to step down

FILE PHOTO - Employees wait for customers in the Guess section in the Central Universal Department Store (TsUM) in Kiev, Ukraine May 17, 2017. REUTERS/Valentyn Ogirenko

(Reuters) - Apparel maker Guess Inc said on Monday Chief Executive Officer Victor Herrero will step down and named former top executive Carlos Alberini as his replacement.

Herrero, 49, will be with the company till Feb. 2.

It was not immediately clear why Herrero was leaving.

The company also said co-founder Paul Marciano, who resigned from his executive chairman post in June, will remain as the chief creative officer, though his contract expires in Jan.

Marciano resigned after the company launched an investigation against him on allegations of improper conduct.

Marciano’s brother Maurice, who took up the responsibilities of the chairman in June, will serve as interim chief executive officer until incumbent CEO Alberini joins the company.

Alberini was Guess’s chief operating officer from 2000 to 2010, and until Monday head of jeans maker Lucky Brand.

Shares of Guess fell 11 percent to $20 in early trading.

Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli