Lab-grown diamond producer Scio Diamond Technology has changed its CEO for the fourth time in its three-year history.
Gerald McGuire, a consultant and current member of Scio’s board of directors, has been named the company’s interim CEO, replacing Michael McMahon. Jonathan Pfohl was dismissed as chief financial officer, and company consultant Douglas Walker was named interim CFO.
The company has also added Michael Laub, a consultant specializing in restructuring, to the management team.
“The [CEO] appointment reflects the board’s desire for greater accountability, in-house manufacturing expertise, and improvements in company performance as well as increased and improved shareholder communications,” said a company statement.
McGuire’s 25 years of experience stems mostly from the semiconductor industry, which a statement said is expected to be a strong growth area for Scio in the years ahead. He was mostly recently senior vice president and general manager of the low-voltage and mid-power analog business at Fairchild Semiconductor.