House of Taylor Jewelry CEO Abramov Resigns, Names Lyle Rose

House of Taylor Jewelry’s chairman, president and CEO, Jack Abramov, has resigned from his posts, the company announced Thursday morning, citing “personal reasons.” He will be replaced by Lyle M. Rose as president and CEO effective immediately.

Abramov will serve as a consultant to the company for a six-month transition period. Additionally, Monty Abramov has resigned as secretary and vice president of House of Taylor.

Rose, 55, is an industry veteran who until recently served as CEO of LID, Ltd.

Only last week the company said that it is delaying filling its financial report for 2007. It noted that the 10-K report could not be filed “without unreasonable effort,” adding that it anticipates a “significant change in results of operations from the corresponding period for the last fiscal year.”

Estimated unaudited results show net sales were a mere $200,000, a decrease of 99.3 percent. Gross sales for the year totaled $21.6 million, a 35.7 percent from the year before.

The company expects a record net loss of $14.8 million.