An investigation found the EVP and chief commercial officer “violated the company’s code of business conduct and ethics and other policies.”
Corp. said Howard Smith, executive vice president and chief commercial officer, resigned after he was found to violate the firm’s code of business conduct and ethics.
Smith is stepping down immediately, but the resignation is effective April 2 and the matter is unrelated to the company’s financial reporting or business reporting, the firm said in a filing with the Securities and Exchange Commission. “We are saddened by this situation and recognize that this news will come as a surprise,” executive chairman and chief creative officerand president and chief executive officer Patrice Louvet told employees in an internal memo obtained by WWD.
“However, upon recently learning about allegations related to Howard’s personal conduct, our board of directors launched an independent investigation, which is its responsibility whenever such allegations are raised,” they said. “Because the investigation revealed conduct that violated our code of conduct and other policies, it was decided that Howard would resign. You should know that these issues do not concern the company’s financials or performance.
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