Guess co-founder, CEO finds successor

After over a year of searching, Guess co-founder and CEO Paul Marciano (right) has found his successor, Victor Herrero, who will take over the CEO role in August 2015.

Paul will continue as chief creative officer and also replace his brother, co-founder Maurice Marciano, as executive chairman of the board. Maurice will then transition to chairman emeritus of the board.

The new Guess CEO, Herrero, was most recently head of Asia Pacific for Inditex Group, the global fashion retailer with brands including Zara, Massimo Dutti, Pull & Bear, Bershka and Stradivarius. For 10 years, he has led Inditex's multi-billion dollar business in Asia.

Prior to his 12 years total with Inditex, Herrero (left) worked for Arthur Andersen in Asia as a management consultant.

Paul Marciano commented on the search for the right candidate and Herrero's appointment, "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.

"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."

In response to the announcement, Herrero said, "It's a pivotal time for Guess, and 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." Press Release