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Shares of Guess Inc.  (GES - Get Report)  were tanking Monday after the apparel maker announced the departure of Victor Herrero as CEO, a position he has held since August 2015.

The stock closed down 14.57% to $19.17. 

Effective Feb. 2, Carlos Alberini will return as Guess' CEO and director. He was president and chief operating officer of Guess from 2000 to 2010. From 2014 until the present, Alberini has been the chairman and CEO of jeans maker Lucky Brand. He also served as co-CEO of Restoration Hardware until 2014.

Guess Chairman and co-Founder Maurice Marciano said in a press release, "I am very excited to have Carlos coming back as CEO at Guess Inc. He was instrumental in building the international business in Europe and Asia during his 10-year tenure with the company."

French natives Maurice and Paul Marciano established Guess in 1981. Paul Marciano resigned as executive chairman in 2018 amid allegations of improper conduct. Paul will stay on as chief creative officer, on an "at will" basis, the company also announced Monday.

Following an internal investigation, Paul Marciano's "poor judgment" involving models and photographers resulted in a settlement with five people totaling $500,000.

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