Charles & Colvard, Ltd. (NASDAQ:CTHR), the original and leading
worldwide source of Classic Moissanite™ and Forever Brilliant®,
The World’s Most Brilliant Gem®, announced that its Board of
Directors has appointed Marvin Beasley to the position of President and
Chief Executive Officer. Effective immediately, Mr. Beasley, a current
member of the Board of Directors of Charles & Colvard, will succeed
Randy McCullough, who informed the Board of his retirement as President,
CEO, and Director on March 17, 2015. Mr. McCullough will support the
transition in an advisory consulting role.
“Randy was instrumental in building our direct-to-consumer e-commerce
business through Moissanite.com and launching our home party business,
Lulu Avenue®,” said Neal Goldman, Executive Chairman of the
Board of Directors of Charles & Colvard. “These are high-growth
opportunities that are important for the Company. In addition, Randy
assembled a strong team of employees who are working hard to grow the
business. On behalf of the entire Board of Directors, we would like to
thank Randy for his many contributions positioning Charles & Colvard for
future success.”
Randy McCullough commented, “I am grateful for having had the
opportunity to lead such a talented team and proud of what we
accomplished during an important chapter in the Company’s history.
Together, we put in place structure and made investments to enable
Charles & Colvard to continue to grow and transform. I am looking
forward to seeing the Company’s continued growth.”
Neal Goldman concluded, “To achieve our growth prospects and continue
the momentum in our direct-to-consumer businesses, a smooth transition
is important, so we are pleased to have Marvin Beasley move into the
leadership role. With proven management experience and substantial
industry knowledge, Marvin is able to hit the ground running. He will
help drive our direct-to-consumer growth initiatives and use his
extensive industry experience to work toward expanding our wholesale
distribution channel.”
Marvin Beasley has served as a director of the Company since November
2009. In 2009, Mr. Beasley retired from retailing after 44 years. Mr.
Beasley spent the last 20 years of his retail career at Helzberg
Diamonds holding various executive positions. In 2004, Mr. Beasley was
promoted to Chief Executive Officer and served until his retirement in
2009. Mr. Beasley is a National Jeweler Retailer Hall of Fame inductee
and has served on many boards including Jewelers of America and Jewelers
for Children.
Marvin Beasley said, “I am honored to be appointed President and CEO and
am enthusiastic about leading Charles & Colvard through the
opportunities and challenges that lie ahead. While our immediate
priority is to execute on key initiatives, we will also take a fresh
look at the business to prioritize our strategies, operations, and
investments to focus on growth. I look forward to working with our
capable team on these efforts.”
About Charles & Colvard, Ltd.
Charles & Colvard, Ltd., based in the Research Triangle Park area of
North Carolina, is the original and leading worldwide source of
moissanite, a unique, near-colorless created gem that is distinct from
other gems and jewels based on its exceptional fire, brilliance,
durability, and rarity. Charles & Colvard’s Classic Moissanite™ and
Forever Brilliant® are currently incorporated into fine
jewelry sold through domestic and international retailers and other
sales channels. Charles & Colvard, Ltd.’s common stock is listed on the
NASDAQ Global Select Market under the symbol “CTHR.” For more
information, please visit www.charlesandcolvard.com.
Forward-Looking Statement
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Statements expressing expectations regarding our future and projections
relating to products, sales, revenues, and earnings are typical of such
statements and are made under the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include, but are not
limited to, statements about our plans, objectives, representations, and
contentions and are not historical facts and typically are identified by
use of terms such as “may,” “will,” “should,” “could,” “expect,” “plan,”
“anticipate,” “believe,” “estimate,” “predict,” “continue,” and similar
words, although some forward-looking statements are expressed
differently.
All forward-looking statements are subject to the risks and
uncertainties inherent in predicting the future. You should be aware
that although the forward-looking statements included herein represent
management’s current judgment and expectations, our actual results may
differ materially from those projected, stated, or implied in these
forward-looking statements as a result of many factors including, but
not limited to, our dependence on consumer acceptance and growth of
sales of our products resulting from our strategic initiatives;
dependence on a limited number of customers; the impact of the execution
of our business plans on our liquidity; our ability to fulfill orders on
a timely basis; the financial condition of our major customers and their
willingness and ability to market our products; dependence on Cree, Inc.
as the sole supplier of the raw material; our current wholesale
customers’ potential perception of us as a competitor in the finished
jewelry business; intense competition in the worldwide jewelry industry;
general economic and market conditions, including the current economic
environment; risks of conducting business in foreign countries; the
pricing of precious metals, which is beyond our control; the potential
impact of seasonality on our business; our ability to protect our
intellectual property; the risk of a failure of our information
technology infrastructure to protect confidential information and
prevent security breaches; possible adverse effects of governmental
regulation and oversight; our ability to retain key personnel; and the
failure to evaluate and integrate strategic opportunities, in addition
to the other risks and uncertainties described in our filings with the
Securities and Exchange Commission, or the SEC, including our Annual
Report on Form 10-K for the fiscal year ended December 31, 2014 and
subsequent reports filed with the SEC. Forward-looking statements speak
only as of the date they are made. We undertake no obligation to update
or revise such statements to reflect new circumstances or unanticipated
events as they occur except as required by the federal securities laws,
and you are urged to review and consider disclosures that we make in the
reports that we file with the SEC that discuss other factors relevant to
our business.
Copyright Business Wire 2015