WASHINGTON (dpa-AFX) - Paul Marciano, co-founder and chief executive officer of fashion house Guess? Inc (GES), on Tuesday said Victor Herrero will be his successor and new CEO of the company in August 2015.
Paul Marciano said he will replace Maurice Marciano as executive chairman of the board and will continue serving as chief creative officer. Maurice Marciano will remain a director, and has been named chairman emeritus by the board.
Victor Herrero joins Guess with more than two decades of experience spanning Europe and Asia. Victor served as the head of Asia Pacific for fashion retailer Inditex Group, where for about a decade, he was responsible for building Inditex's humongous Asian business. Prior to Inditex, Victor was a management consultant working for Arthur Andersen in Asia.
The CEO succession plan comes after Paul Marciano and Maurice Marciano had been working with the board for about a year to select a right candidate, and a time of changing retail environment.
'We believe that Victor is the perfect top executive because, in addition to his entrepreneurial spirit, he has unparalleled experience in building a large business in Asia, he has a deep understanding of the current world of retail, and he is extremely knowledgeable in best in class sourcing and supply chain,' said Paul Marciano in a statement.
GES closed Wednesday at $21.16, up $0.04 or 0.19%, on the NYSE. In after hours, the stock gained $0.04 or 0.19%.
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