CEO quits following claims of résumé fraud
Ramesh Tainwala, the CEO of luggage maker Samsonite, has resigned after self-proclaimed “activist” investment fund group Blue Orca accused him of résumé fraud.
In its report on the company’ financial practices, Blue Orca had claimed that Tainwala had at different points in his career presented himself as a doctor. Although his biography on Samsonite’s website omits the reference, he is being listed as the holder of a Doctorate Degree in Business Administration from the Union Institute and University in Cincinnati, on Bloomberg, and in other media sources and regulatory filings.
“But when we called Union’s registrar, a representative told us that Tainwala never attained a doctorate, but that he merely enrolled in a programme from February 1992 to September 1993,” the report stated.
The report went on to state that “this is classic résumé fraud”.
In response, Samsonite issued a press release on June 1 announcing its Chief Financial Officer Kyle Gendreau as Tainwala’s replacement.
Timothy Parker, Chairman of the Samsonite Board of Directors, remarked on Tainwala’s inaccurate CV: “Ramesh tendered his resignation, citing personal reasons. In considering such resignation, the Board thoroughly reviewed the facts related to this allegation and has determined that accepting Ramesh’s resignation is in the best interests of the Company and its shareholders.”