Charles & Colvard Gets Interim CEO

Moissanite maker Charles & Colvard has named George R. Cattermole, 68, the company’s interim CEO for three months or until a permanent CEO is hired, whichever comes first, according to a report the company filed with the Securities and Exchange Commission (SEC).

Cattermole’s appointment was official on July 17, according to the SEC report. He served as a director of the company since May 2008 and as Chairman of the Board since February 2009.

Cattermole is filling a vacant seat left by Richard A. Bird, who resigned earlier this month after only five months as CEO. “Mounting evidence that recovery of the depressed worldwide jewelry markets will be slower than previously expected,” was the reason for Bird’s resignation, the company said in early July announcement. 

Cattermole will receive $6,000 per week as CEO – 70 percent in cash and 30 percent in stock, according to the SEC report.