Former Helzberg CEO Beasley Takes Over Charles & Colvard as McCullough Departs

Former Helzberg CEO Marvin Beasley has been appointed the new president and CEO of moissanite distributor Charles & Colvard, taking over for the retiring Randy McCullough. 

Beasley has served on Charles & Colvard’s board since 2009 (he joined following his departure from Helzberg after five years in the top job). He could not be reached for comment at press time, but according to The News & Observer, he plans to commute to the company’s Morrisville, N.C., office from his home in Kansas City, Mo.

McCullough, who formerly chaired the Samuels Jewelers chain, has headed Charles & Colvard since November 2009. He informed the board of his retirement on March 17. He will continue in an advisory consulting role.

Charles & Colvard has struggled lately as it shifted strategies, with its latest financial results showing falling sales and a $13 million loss for the year, wider than its loss from 2013. Its stock fell from about $4 a year ago to less than $2 at press time.

The brand is now de-emphasizing international sales and shifting to a more direct-to-consumer model, focusing on home sales and e-commerce. At the same time, it’s targeting independent jewelers and chains; moissanite is also being sold at Kohl’s, Amazon, and Target. (According to the company’s latest conference call, sales at Kohl’s were “strong”; Amazon has not met expectations; and sales to Target were “not as strong,” but it hasn’t been there very long.) Amid all these actions across different channels, its wholesale division—which still accounts for the overwhelming majority of Charles & Colvard’s sales—has seen declines, with sales dipping 19 percent over 2014. 

In a statement, board executive chairman Neil Goldman thanked McCullough for his work on the home sales and e-commerce business.

JCK News Director