The Right way: Samsonite CEO quits after fake usage of „Dr.“ title.

The CEO of Samsonite has resigned following allegations he made false claims about his educational background.

The world's biggest luggage maker said in a filing to the Hong Kong stock exchange Friday that Ramesh Tainwala would leave the company after an investment firm accused him of improperly using a “Dr.” title.

Tainwala's resignation as CEO is effective immediately. Samsonite (SMSEY) said he will be replaced by CFO Kyle Gendreau.

Tainwala cited "personal reasons" for stepping down, according to the company. It said its board "thoroughly reviewed the facts" related to the allegation about his educational background "and has determined that accepting his resignation is in the best interests of the company and its shareholders."

Blue Orca Capital, a new firm led by renowned short seller Soren Aandahl, made the claims against Tainwala in a report published on its website that also accused Samsonite of using questionable accounting techniques to massage earnings and inflate its profit margins.

In a flurry of statements on Friday, Samsonite reiterated its stance on the report, describing it as "one-sided and misleading." It also gave a detailed response challenging specific allegations by Blue Orca.

"The removal of Samsonite's CEO is a victory for basic corporate governance," Blue Orca founder Soren Aandahl said in an email to CNNMoney. "We are reviewing Samsonite's statement and will respond in due course."

Lorraine Tan, an analyst at investment firm Morningstar, said that Tainwala's resignation was a "needed move" but that "suspicions are likely to linger" following Blue Orca's allegations.

In its report, Blue Orca asserted that Tainwala "at various points in his career held himself out as a doctor." It pointed to examples including a profile on financial information provider Bloomberg's website, SEC fillings and company materials that referred to Tainwala as a doctor.

Tainwala subsequently told The Wall Street Journal that he "never claimed" to hold a doctoral degree. He said that friends and colleagues referred to him as "doctor" as a joke, knowing that he had not completed his doctoral studies.