Guess Inc.’s share price is surging — up nearly 9 percent this morning — on the heels of the company’s announcement of a succession strategy for co-founder and CEO Paul Marciano.
Marciano has named Victor Herrero the new CEO of the firm, effective August 2015.
Paul Marciano will replace Maurice Marciano as executive chairman of the board and will continue to serve as chief creative officer. Maurice Marciano will remain a director and has been named chairman emeritus by the board of directors.
“Maurice and I have been working with the board for over a year to select the right candidate to be my successor as [CEO] of Guess. The most important criteria, in our view, are the understanding of our brand, which will celebrate its 35th anniversary next year; the complexity of our business, being in over 90 countries with more than 25 categories of products; and having a deep understanding of the changing environment of the retail world,” Paul Marciano said in a release. “We believe that Victor is the perfect top executive because, in addition to his entrepreneurial spirit, he has unparalleled experience in building a large business in Asia, he has a deep understanding of the current world of retail and he is extremely knowledgeable in best-in-class sourcing and supply chain.”
Herrero joins Guess after serving as the head of Asia Pacific for Inditex Group, an international fashion retailer with brands that include Zara, Massimo Dutti and Pull & Bear. Herrero started his career with Inditex in Europe and spent 12 years at the firm.
“I am excited at the opportunity to work with Paul, Maurice and the team at Guess, who are at the forefront of more than 90 markets worldwide. It’s a pivotal time for Guess,” Herrero said in a statement. “I look forward to joining a group that is poised to continue as an innovative leader in the fashion industry. I am particularly thrilled to have the opportunity to use my background and to contribute my skills in order to unlock a tremendous amount of value for our shareholders.”