Clothestime’s Chief Financial Officer Resigns

In what one executive called the loss of a major contributor to the breakneck growth of Clothestime, William W. Mowbray, senior vice president and chief financial officer of the Anaheim-based women’s apparel retailer, has resigned from the company.

“This decision has been planned for some time now. Basically, my No. 1 objective is to retire,” Mowbray, 46, said in a telephone interview from his home Monday night. “I’m going to pursue some outside interests that will occupy a little bit of my time,” including investments in areas other than retail business, he said.

Mowbray joined Clothestime, an Anaheim-based women’s apparel retailer, in 1981 after a year of working as an outside consultant for the company. He became chief financial officer in 1983 and senior vice president a year later. His resignation was effective Friday.

“We feel that Bill made a major contribution to the company,” said Norman Abramson, executive vice president and chief operating officer.

Abramson said Mowbray has been one of the major players in Clothestime’s rapid growth since it began in 1979.