TCW Group's Jess Ravich resigned from the Los Angeles-based investment firm's board after an investigation uncovered "unprofessional communications" between him and Sara Tirschwell, who is suing the money manager for alleged sexual harassment.
TCW, which oversees about $200 billion, replaced Mr. Ravich on its board with Penelope Foley, a portfolio manager specializing in emerging markets, the company said in a statement Thursday. Mr. Ravich is group managing director and head of alternative products.
Ms. Tirschwell, who was dismissed by TCW in December, sued the firm in January for $30 million, alleging she was fired after complaining about sexual harassment and unwanted advances by Mr. Ravich. She was dismissed for "repeated compliance violations," spokesman Doug Morris said in a phone interview.
TCW hired a law firm to conduct an independent investigation of Ms. Tirschwell's claims and "learned of some unprofessional communications between Mr. Ravich and Ms. Tirschwell," CEO David Lippman wrote in a memo to employees that was seen by Bloomberg. "Because we have always maintained that the facts of this case, determined through due process, will determine our actions, TCW is now taking certain disciplinary measures with respect to Mr. Ravich."
Mr. Ravich, who was named to TCW's board in December, went on leave from the board earlier this year, Mr. Lippman wrote.
"I stand by my complaint," Ms. Tirschwell said in an email. "TCW, without investigating the facts, chose to believe Jess Ravich's denials and even announced publicly his promotion to TCW's board of directors two weeks after I was terminated under pretext, and three weeks after I made my complaint to TCW's human resources department. His resignation from TCW's board is too little too late."
Mr. Ravich didn't immediately respond to requests for comment.
"TCW and I continue to deny the claims made against us, and Mr. Ravich continues to deny those made against him," Mr. Lippman said in the memo.