A proxy campaign to drive Guess co-founders Paul Marciano and Maurice Marciano off the company’s board over a sexual assault scandal failed to draw enough votes Friday at the L.A. apparel firm’s annual meeting — but the activist hedge fund behind the effort has vowed to continue its battle.
Legion Partners, an L.A. fund that has acquired a 2.5% stake in Guess, had asked shareholders to withhold support for the reappointments of directors Paul Marciano and his brother Maurice, who is accused of turning a blind eye to sexual harassment and assault allegations against Paul. Some of the allegations go back several decades, others surfaced in lawsuits filed this year.
Paul Marciano, 70, and his attorneys have denied any wrongdoing.
