Innovo Director Steps Down

Vincent Sanfilippo's resignation 'is not the result of a disagreement with management,' the company says.
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Innovo Group

(INNO)

said independent director Vincent Sanfilippo resigned for personal reasons.

The Los Angeles-based jeans company said Sanfilippo's resignation "is not the result of a disagreement with management." It has begun a search for a replacement. Innovo said the departure leaves it with six directors, three of them independent;

Nasdaq

rules mandate an independent-director majority. Innovo has until its next annual meeting or Jan. 31, 2007, to fix the problem.

"On behalf of the entire board, I would like to personally thank Vince for his guidance since his appointment to the board in July 2003," said interim chief Marc Crossman. "We wish him all the best in his future endeavors. Moving forward, we will be commencing a search for new independent directors in order to be compliant with Nasdaq, as well as to enhance our organization and better position the company for the future."