Separated at birth?
Guess Jeans (GES) filed this 8-K yesterday morning after putting out a press release announcing new roles for co-chairman and co-CEO Maurice and Paul Marciano. Maurice will now be chairman and Paul will be CEO and vice chairman. While the company spun this as "a positive move in today’s corporate governance environment", it’s hard to argue that this is a major change, given that the two are brothers and have worked together for 30 years to build the brand into a very successful company.
The 8-K also provided details of the new employment contracts for both men, which will pay a base salary of $1 million. Hefty bonuses and options are part of the deal too. As are an assortment of lifetime benefits. But oddly enough, it didn’t include the actual contracts. For that, investors have to wait. Or guess.