LOS ANGELES — Guess? Inc. has announced that Maurice Marciano, the company's co-founder and chairman of its board of directors, has notified the company of his decision to retire as an executive officer when his current employment agreement expires on Jan. 28, 2012, the end of the company's current fiscal year. Marciano will continue to serve the company as non-rxecutive chairman of its board of directors.
Marciano founded Guess? with his brothers in 1981. Over the last thirty years, he served in a number of senior executive positions, including CEO or co-CEO from 1993 to 2007 and chairman or co-chairman of the board from 1993 to the present.
In accordance with the terms of Marciano's current employment agreement, the company and Mr. Marciano have entered into a two-year consulting agreement, under which Mr. Marciano will provide consulting services to the company, including advice and counsel to the company's CEO and other senior executives. The consulting agreement will become effective upon the expiration of his current employment agreement on Jan. 28, 2012.