Kate Upton says Guess co-founder groped her

Guess co-founder Paul Marciano has stepped down by the company amid accusations which he once groped supermodel Kate Upton.

Marciano has agreed to “relinquish his day to day responsibilities at the company, on an unpaid basis,” as the allegations are being investigated, Guess said in a press Discharge on Tuesday.

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“I have pledged my full cooperation to the company, along with I contain the utmost confidence in our CEO, Victor Herrero, to continue leading the Company during which time,” Marciano said inside press Discharge.

The company said inside Discharge which Marciano has denied the accusation.

Marciano is actually the chief creative officer along having a board member who co-founded Guess in 1981.

The share cost for Guess (GES)dropped about 4% on Tuesday.

The stock cost has dropped more than 20% since Upton posted a tweet on January 31 with the #metoo hashtag often used by victims of sexual harassment.

“which’s disappointing which such an iconic women’s brand @Guess is actually still empowering Paul Marciano as their creative director #metoo,” she tweeted.

Related: Kate Upton accuses, Paul Marciano denies

Upton followed up the tweet having a Time magazine interview, published online on February 7, in which she said which Marciano groped her after a photo shoot in 2010.

“Paul came straight up to me, forcibly grabbed my breasts along with started out feeling them — playing with them actually.,” she told the magazine. “After I pushed him away, he said. ‘I’m creating sure they’re real.'”

Marciano has told sy88pgw, “These accusations are absolutely false.”

Guess said the board of directors formed a special committee on February 7 to investigate “recent allegations of improper conduct” by Marciano.

Neither Marciano nor Upton was immediately available for comment.

sy88pgw (fresh York) First published February 20, 2018: 12:13 PM ET