Just a thought, but if I was in a senior position of responsibility, and in my place of work representing the company, I would keep those kind of jokes to myself.
If I claimed that the figures had been up and down like a woman's knickers, I would expect to be diciplined. Don't make jokes about race, sex, or anything else likely to cause offence at a serious business meeting.
He deserved a disciplinary and jumped before he could receive punishment, probably out of embarrassment.