Fashion retailer Guess is bringing back former COO and president, Carlos Alberini, as its next chief executive officer – replacing Victor Herrero who is leaving the company next month. 

The company also said Paul Marciano, co-founder of the Los Angeles-based lifestyle brand, has agreed to remain as chief creative officer. Marciano had relinquished his day-to-day responsibilities at the company last February, pending an investigation into allegations of improper conduct made by model and actress Kate Upton.

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Now, the retailer says his employment will be “at will.”

Shares in Guess tumbled by 14.6% this morning (29 January) on the news.

“On behalf of the board of directors, I want to thank Victor for his contributions during his tenure and wish him well in his endeavours,” says chairman of the board Maurice Marciano.

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Alberini previously served as president and COO of Guess from 2000 to 2010, and has served as chairman and CEO at Lucky Brand since 2014.

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“I am very excited to have Carlos coming back as CEO at Guess,” says Maurice Marciano, who will be acting as interim CEO. “He was instrumental in building the international business in Europe and Asia during his ten-year tenure with the company.”

“We were surprised by the sudden announcement of Mr Herrero’s departure, and the immediate appointment of a new CEO leads us to believe that the decision was planned,” notes Susan Anderson, analyst at B Riley. “We believe Mr Alberini is well respected by investors and will be a good fit as the new CEO.”