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Samsonite CEO Quits in Short-Seller Win Over Household Brand

  • Departure is big win for Blue Orca in attack on luggage maker
  • Company rebuts allegations of accounting lapses, stock jumps
Bloomberg business news
Bloomberg’s Stephen Engle reports on the resignation of Samsonite CEO Ramesh Tainwala.(Source: Bloomberg)
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In a dramatic takedown by a short seller of a world-famous brand’s top leader, Samsonite International SA’s chief executive officer resigned after an attack on his credentials and the company’s corporate governance.

The world’s largest luggage maker said CEO Ramesh Tainwala has stepped down, according to a statement Friday. Samsonite said the resignation was in the company’s best interest after its board reviewed Blue Orca Capital LLC’s allegations that Tainwala falsified educational credentials. Chief Financial Officer Kyle Francis Gendreau has taken over as CEO.