07/14/2015 18:37 EDT | Updated 07/14/2016 01:12 EDT

Guess names Victor Herrero as CEO as co-founder Paul Marciano transitions to chairman

Guess has named fashion industry veteran Victor Herrero as CEO of the clothing and accessories company, ending an era of family leadership.

Guess was established in 1981 by the Marciano brothers. Paul Marciano, its current CEO, will replace his brother Maurice Marciano as executive chairman of the board. He'll keep his title as chief creative officer.

Maurice Marciano will remain a director.

The brothers have shared the role of CEO over the years, with Paul Marciano taking over as sole CEO in 2007.

Herrero, who will take over as CEO of the Los Angeles-based company in August, worked most recently as the head of Asia Pacific for Inditex Group, the retailing giant behind the cheap-chic chain Zara.

The Associated Press