Guess co-founder steps aside amid misconduct investigation

Guess Inc. says that co-founder Paul Marciano will give up his day-to-day responsibilities at the clothing company until a sexual misconduct investigation is completed.

Model and actress Kate Upton told Time magazine earlier this month that Marciano forcibly grabbed her breasts during a Guess photo shoot nearly eight years ago. She also says that he harassed her by showing up at hotels she was staying at and texting her inappropriate comments.

Marciano has denied the allegations.

Guess, based in Los Angeles, says that Marciano will not be paid while he steps aside. He is an executive chairman of the company's board, and is its chief creative officer.

Marciano, who co-founded the brand with his brother in 1981, also owns a 17 percent stake in Guess.