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Guess said Tuesday that co-founder Paul Marciano has relinquished his day-to-day responsibilities pending the completion of the apparel company's investigation of sexual harassment claims by actress and model Kate Upton.
"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 said in a statement.
Marciano has denied the allegations by Upton. The company has since formed a special committee to investigate her claims. She has said Marciano's actions "took a huge toll on my confidence and self-worth."
"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," Guess said Tuesday in a statement.
Marciano's future with Guess will be determined when the investigation is completed, the company said.
Guess shares were down 4 percent on Tuesday. As of Friday, they had tumbled more than 15 percent this month. Upton voiced her allegations on Jan. 31.
Correction: Earlier headlines misstated the action by Paul Marciano. He has relinquished his day-to-day responsibilities at Guess pending completion of the investigation.