Samsonite CEO packs his bags after report says he faked his resume

Samsonite’s CEO resigns after a report alleges he lied about having a Ph.D. in business administration.

June 4, 2018

On Friday, luggage maker Samsonite announced its CEO stepped down following a report from US-based short-seller, Blue Orca Capital, questioning his credentials.

According to the 48-page report, Ramesh Tainwala claimed on his resume that he earned a doctoral degree in business administration. 

Spoiler alert: he didn’t.

But more importantly…

The report also alleged Samsonite played some “accounting games” under Tainwala’s watch, primarily having to do with their acquisition of Tumi, another luxury bag maker, in 2016.

Samsonite claims the conclusions drawn about their financial results are incorrect and “one-sided,” and says they correctly disclosed Tainwala’s educational background since it went public in Hong Kong in 2011.

But, wait — he didn’t become CEO until 2014

So, in 2011, the bag maker found out a guy who had been working for them since 1995 lied about being a doctor and then made him CEO 3 years later.

Hold up though, Tainwala told The Wall Street Journal he “never claimed” to hold a doctoral degree, assuring the title was all just a joke between friends. You know, that classic doctorate goof… 

Joke or not, the report led to a serious 20% drop in the Hong Kong listed stock, until their biggest shareholder Capital Group Cos. bailed them out with a purchase of 13.3m more Samsonite shares on Friday to bring them back to baseline.

Join 1.5m+ professionals getting The Hustle daily news brief

Business and tech news in 5 minutes or less

100% free, no ads or spam, unsubscribe anytime


How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.

If you don’t like it, unsubscribe any time. Privacy policy.