LOS ANGELES — Mali Shrinivas, who has served as chief financial officer of Mossimo Inc. for the past six months, has resigned after his credentials were questioned in a published report.
“He’s had a fairly short tenure, so it’s a bit of a surprise, but there’s been a cloud of speculation regarding his background,” said Rommel Dionisio, senior equity analyst at Roth Capital Partners LLC in Newport Beach, Calif.
Santa Monica-based Mossimo, which designs clothing in the U.S. exclusively for Target Corp., is searching for a successor, according to a press release. The company did not explain why Shrinivas departed.
Shrinivas, 43, was hired as cfo on Feb. 6 after Manny Marrero stepped down. A Mossimo company press release said Shrinivas worked for a now-defunct Swedish children’s clothing company, Dynarc AB, with more than 600 stores worldwide and revenue of $650 million. The Wall Street Journal reported in May that Dynarc is a telecommunications networking company that filed for bankruptcy in 2001.
Calls to Mossimo founder Mossimo Giannulli and president Edwin Lewis were not returned. Shrinivas could not be reached for comment.
Mossimo has run into soft demand at retailing. The company reported that income for the second quarter ended June 30 fell by 45.4 percent to $1 million, or 6 cents a share, from $1.8 million, or 12 cents, in the comparable quarter. Revenues were down 9.5 percent to $6.2 million from $6.9 million.
From February 2003 to October 2003, Shrinivas was a senior manager with Deloitte Consulting, now part of Deloitte & Touche in Los Angeles, which the accounting company confirmed.
— Nola Sarkisian-Miller
This story first appeared in the August 30, 2004 issue of WWD. Subscribe Today.