Croft, who joined the company barely 3 months ago cited "personal reasons" for his resignation.

Mizati COO Fred Croft (left) and CEO Hazel Chu being interviewed by the international press during the grand opening of the company's first rent to own store in Upland, California on July 28, 2007.

Less than 30 days after the grand opening of the company's first Wheel Lots custom wheel rent-to-own store, Mizati Luxury Alloy Wheels, Inc. Chief Operating Officer Fred Croft has resigned citing personal reasons.

Mizati is the first wheel manufacturer to open company owned rent-to-own stores. Hazel Chu announced her company's intention to enter the rental purchase arena in April of this year (see story).

Croft was expected to lead the expansion of Mizati's rent to own wheel initiative, opening five additional stores in 2007. The company did not announce whether or not the resignation would affect the store opening schedule.

Croft said shortly after his appointment as COO three months ago, "As an industry veteran, I know how fragmented the custom wheel business can be. What really drew me into Mizati was their position to become a dominant player in this industry."

Mizati says it is undecided as to whether to fill Croft's position or restructure its management.

Mizati designs and distributes custom alloy wheels through a network of 425 dealers and distributors. The company has reported an average annual revenue growth rate of 102 percent for the past three years.