Guess CEO leaving after investigation

LOS ANGELES — Guess says its co-founder Paul Marciano is stepping down after the completion of a company commissioned investigation into allegations of sexual harassment and assault.

The fashion company announced in a filing Tuesday with the Securities and Exchange Commission that Marciano is resigning immediately as executive chairman of the Guess board, and his brother and co-founder Maurice Marciano will take over.

Paul Marciano, who has denied the allegations, will remain a board member and stay on as chief creative officer through January. The filing says allegations against Paul Marciano included inappropriate comments and texts, and unwanted kissing and groping.

The company says that it has settled lawsuits with five of Marciano’s accusers for a total of $500,000.