Mossimo Visionary Seeing Lower Salary

A visionary, it appears, is worth less than a CEO. At least that’s the case at Irvine-based Mossimo Inc., where the going rate for the talents of founder Mossimo Giannulli, the self-anointed visionary--that’s his official title--is $300,000 a year. The amount represents a 40% pay cut from 1997, when Giannulli was chief executive and earning $500,000. Giannulli’s pay was disclosed in the apparel designer’s annual proxy statement filed with the Securities and Exchange Commission. Giannulli voluntarily reduced his salary in January, when turnaround specialist John Brincko was brought on board to help stabilize the deeply troubled company. Brincko stands to make $765,000 in consulting fees this year, the proxy says. His contract also calls for him to receive stock options to buy up to 100,000 shares of Mossimo at recent prices.