Guess co-founder Maurice Marciano is stepping down from his position as non-executive chairman of the board following a bicycle accident near his home in California’s Napa Valley.
In a statement released by the denim brand, brother and co-founder Paul Marciano says his injuries will require “rehabilitation and therapy for an extended period of time.”
Taking over as non-executive chairman of the board is Alex Yemenidjian, who has served as an independent board member for 15 years and is currently the lead independent director. Maurice Marciano will continue his role as a member of the Guess board.
“All board members, our friends and family, and all members of the Guess family, wish Maurice a prompt and healthy recovery from this very unfortunate accident,” said Paul Marciano. “In the meantime, we know that Alex will continue his exemplary service to Guess in his new role as non-executive chairman of the board.”
Yemenidjian brings with him decades of leadership experience, most notably in the hospitality industry. Prior to his involvement with Guess, he served as the chairman of the board and CEO of Tropicana Las Vegas Hotel and Casino, and was president of MGM Resorts International.
He also served as chairman of the board and CEO of entertainment company Metro-Goldwyn-Mayer Inc.