Changing of the guard at Guess

Los Angeles -- The chief executive of Guess is stepping down.



Guess co-founder Paul Marciano announced that he will be succeeded as CEO of the apparel maker by former Inditex executive Victor Herrero in August. Marciano will continue to serve as chief creative officer, and will also replace Maurice Marciano as executive chairman.



Herrero, a 12-year Inditex veteran, served as head of Asia Pacific for the apparel conglomerate, whose brands include Zara. He is credited with building the company's multi-million dollar Asian business.



Prior to Inditex, he was a management consultant for Arthur Anderson in Asia.



In a release, Marciano said the company has been working for over a year to select his successor.



"We believe 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," Marciano said.



Guess operates 470 stores in the United States and Canada, and 361 stores in Europe, Asia and Latin America. Its products are also sold at department stores and specialty shops around the world.