Guess? stock was hit hard on Monday following the announcement that it is losing its CEO.
According to Guess? (NYSE:GES), current Director and CEO Victor Herrero will be leaving the company on Feb. 2, 2019. The company does not provide a reason for Herrero’s departure as its CEO.
The blow to Guess? stock comes despite the company already having another CEO ready to take over for Herrero. This will have Carlos Alberini rejoining the company as its new Director and CEO.
Alberini won’t be able to immediately fill the role that Herrero is leaving open. Instead, he will join the company when he finishes his job with his current employer. During this time, Chairman of the Board Maurice Marciano will act as the interim CEO of the company.
Alberini is the former President and Chief Operating Officer of Guess? He served in these roles from 2000 to 2010. After this he went on to become the Co-CEO of Restoration Hardware until 2014. He also still serves as a Director on its Board.
Starting in 2014, Alberini took on the role of Chairman and CEO for Lucky Brand. He has been with the company since then in these positions. This is the company that he will be leaving to take over as the new Director and CEO of Guess?
“I am very excited to have Carlos coming back as CEO at GUESS?, Inc,” Marciano said in a statement. “He was instrumental in building the international business in Europe and Asia during his 10-year tenure with the company.”
GES stock was down 15% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
