Marciano gave up his day-to-day responsibilities at the company on an unpaid basis in February, days after model and actress Kate Upton tweeted, accusing Marciano of using his power to harass women.
The fashion retailer said on Tuesday that many of the allegations, which included inappropriate comments and texts and unwanted advances, could not be corroborated.
However, Guess said its investigation found that Marciano on certain occasions exercised poor judgment in his communications with models and photographers.
Guess and Marciano entered into non-confidential settlement agreements totalling $500,000 that resolve claims by five individuals arising out of allegations of inappropriate conduct, the company said in a regulatory filing https://bit.ly/2Mk81xj.
Guess appointed Paul Marciano`s brother, Maurice Marciano, as chairman of the board. Paul Marciano will remain on the board, it said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)