Charles & Colvard CEO Resigns
July 22, 08
Robert S. Thomas, CEO and chairman of Charles & Colvard’s board of directors, resigned Monday from his posts. The company did not disclose the reason for Thomas’ sudden departure.
Dennis M. Reed, the company's president and chief marketing officer, will be responsible for managing Charles & Colvard’s operations, the company said in a release. Dr. Frederick A. Russ, the lead independent director, will serve as interim chairman of the board.
Charles & Colvard, the maker of moissanite, has been facing continuous decrease in sales, seeing double-digit decreases in every quarter for the past five quarters. Its net sales in the last quarter fell 41 percent to $3.4 million.