With the economy estimated to take longer than expected to recover, Charles & Colvard and Bird Capital Group mutually agreed to terminate their Management Services Agreement for the moissanite producer to remain competitive in the marketplace on July 2.
Charles & Colvard also announced that Richard Bird resigned as a director and officer of the company. He has agreed to consult for Charles & Colvard until August 31, to assist in the transition to a new management team, according to a recent company announcement.
New Charles & Colvard board member Charles Lein.
The Charles & Colvard board has initiated the search, led by Charles Lein, for a new chief executive officer. In the transition period, Charles & Colvard employees will report to Timothy Krist, CFO. Bird and Krist will report to the board of directors through George Cattermole, Chairman of the Board.
“We want to thank Bird Capital Group for its contributions. We believe that the combination of changes we are making will position the Company not only to move forward during these difficult times, but also to emerge as a much stronger, more successful company,” said Cattermole in a company announcement.