Charles & Colvard named a new CEO this morning, the fifth executive to take the top spot during the past 18 months at the maker of moissanite gemstones.
Randy N. McCullough, 56, has spent 36 years in the jewelry business, most recently as CEO of Samuels Jewelers, a chain with 150 stores.
He takes the helm at Charles & Colvard as the recession dampens interest in fine jewelry using the Morrisville company's manmade gems. In August, the company reported that second-quarter sales fell 64 percent to $1.3 million.
Charles & Colvard is scheduled to report its third-quarter results on Thursday. The company has been cutting costs as its sales have slumped, and it now employs 25 people.
McCullough replaces interim CEO George Cattermole, who is chairman.
With the new CEO and several other new managers, "we believe we have the right cross-section of talent that can execute the strategic initiatives to increase shareholder value and to reintroduce Charles & Colvard to the world," Cattermole said in a prepared statement.
Charles & Colvard's stock rose 5 cents to 66 cents this morning. The stock hasn't traded above $1 since June 2008.
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or 
Comments
Congratulations to the new
Mon, 11/09/2009 - 11:15 — tidbitz11Congratulations to the new CEO! I bet the stock will trade above $1 within a year.
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