Bag maker Samsonite's CEO resigns after short-seller...

Samsonite CEO Ramesh Tainwala has stepped down after being accused of lying on his resume about having a doctorate.

The luggage maker said in a statement to the Hong Kong stock exchange on Friday that Tainwala resigned for personal reasons, which Samsonite's board decided was in the best interests of the company and its shareholders.

A research report issued by US-based short-seller Blue Orca a week earlier said Tainwala had falsely claimed on his resume that he earned a doctorate degree in business administration from Union Institute and University in Cincinnati.

Ousted: Samsonite CEO Ramesh Tainwala, 58, has stepped down after being accused of lying on his resume about having a doctorate

Ousted: Samsonite CEO Ramesh Tainwala, 58, has stepped down after being accused of lying on his resume about having a doctorate

Samsonite said its board took the allegations seriously but added it had accurately disclosed Tainwala's educational background since it went public in Hong Kong in 2011. 

The company's latest annual report did not refer to him as a 'Dr' but Blue Orca said it found such references in US filings dating from before the company was delisted from US trading more than a decade ago, in Indian filings and during one earnings call with analysts after its Hong Kong IPO.

Tainwala, 58, became CEO in 2014. He joined the company in 1995, after working in India's plastics industry. He will be replaced by Samsonite's chief financial officer, Kyle Gendreau.

The 49-year-old Gendreau has been Samsonite's

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