GUESS co-founder relinquishes day-to-day responsibilities following Kate Upton misconduct allegations

Just weeks after Kate Upton accused GUESS co-founder Paul Marciano of sexual misconduct, the company has announced that he’s relinquishing his daily operations at the company until the completion of an internal investigation.

“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 told CNBC in a statement.

In a separate statement, the company told the outlet that it takes the allegations by the 25-year-old model very seriously and has formed a special committee to investigate her claims and will reassess Marciano’s future at the company once that investigation is complete. Marciano, meanwhile, continues to deny the allegations against him.

It’s worth noting that Marciano is not out of the company completely. E! News reports that he’s only giving up his daily responsibilities on an “unpaid basis.”

"The Board of Directors and Mr. Marciano have agreed that Mr. Marciano will relinquish his day to day responsibilities at the Company, on an unpaid basis, pending the completion of the investigation," the statement reportedly reads. "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."

As previously reported, Upton accused the GUESS co-founder of grabbing her breasts, forcibly kissing her and referring to her with lewd language. At one point, she was fired from a modeling job with him after he referred to her as a “fat pig.” The star also detailed how the allegations hurt her confidence in her body image for a long time.

Marciano has worked with the GUESS company for many years having founded it in 1981 after moving from the south of France.