Co-founder and creative director of the iconic Guess brand Paul Marciano will be resigning from his position as executive chairman. He will not be renewing his contract with the company once it runs out in January. This news comes four months after model Kate Upton accused the co-founder of alleged sexual harassment and inappropriate conduct in the work place.

Upton noted that higher-ups in the company were aware of Marciano’s behavior, and the soon-to-be ex-chairman will be paying 5 individuals 500,000 dollars on account of these accusations.Despite Paul Marciano denying all allegations, the #MeToo movement inspired the iconic model Upton to speak up on the brand, saying in a tweet “It’s disappointing that such an iconic woman’s brand [Guess] is still empowering Paul Marciano as their creative director.” One of the other founders of Guess, Maurice Marciano will take over as executive chairman once his brother officially steps down.

Guess has been an iconic brand in the denim jean market, where they first got recognition when they brought their stonewashed style to America in 1981. What began as a department in Bloomingdale’s and a single store in Beverly Hills eventually became a large chain of quality fashion distributors. The Marciano brothers then expanded their clothing to watches, perfume, and handbags.

This recent controversy is already taking a toll on the brand, as stocks have already began plummeting.