Biz people: Clothing giant gets one top boss
Guess? Inc, the apparel maker whose shares jumped fivefold in the past two years, said Paul Marciano will become the company's sole chief executive officer.
Maurice Marciano, who shared the co-chairman and co-CEO roles with brother Paul, will retain the chairman's job, Guess said in a statement yesterday.
The company said separately it bought back a majority stake in a European licensee.
The separation of the two positions is in keeping with corporate governance standards, Maurice Marciano said in the statement.
Maurice and Paul have been in the roles of co-chairman and co-chief executive since 1999.
The company said it bought back the majority stake in the European licensee that made its Guess by Marciano fashion apparel for men and women in Europe, the Middle East and Asia.
Shares in Guess fell $1.60, or 2.4 percent, to $65.83 as of January 5 in New York Stock Exchange composite trading. They rose 78 percent last year, the fourth consecutive annual gain.
(China Daily 01/10/2007 page16)
