Samsonite, the 108-year-old maker of suitcases and bags, announced last Friday that the company’s top executive, Ramesh Tainwala, has stepped down. The announcement followed a research report issued by activist investment firm Blue Orca Capital accusing Tainwala of falsely claiming on his resume that he earned a doctorate in business administration from Union Institute and University in Cincinnati.
The report noted that while a doctorate didn’t appear on Tainwala’s company bio, Tainwala has long described himself as “Dr. Tainwala†and his degree in business administration has frequently been cited in online biographies and other documents, including in Wall Street Journal and Bloomberg databases. Further claims include Samsonite introducing Tainwala as “Dr.†in a 2011 earnings call.
When Blue Orca contacted the institution from which Mr. Tainwala alleged to have received his doctorate, the institution reported that he had not obtained a degree, but rather had only enrolled in a program from February 1992 to September 1993. A separate credential check through degree verification source the National Student Clearinghouse confirmed these enrollment dates and reported Tainwala had never attained a PhD.
Samsonite insists that since the company’s initial public offering in 2011 it has always accurately described Tainwala’s educational background, but said that it took the allegations “seriously,†and decided it was in the “best interests of the company and its shareholders†that it accept Tainwala’s resignation. The company stated Mr. Tainwala would be replaced immediately by its finance chief, Kyle Gendreau.
