Charles & Colvard, Ltd., on Monday announced the resignation of Robert S. Thomas as chief executive officer of the company, chairman of the board of directors, and as a director. effective immediately.
Following his resignation, Thomas agreed in principal to serve as a consultant to the Morrisville, N.C.-based company, according to a statement.
Frederick A. Russ, the lead independent director will serve as the interim chairman of the Board of Directors. Dennis M. Reed, the company’s president and chief marketing officer will be responsible for managing the company’s operations. Charles & Colvard is the global source of moissanite, a created jewel available for use in fine jewelry.
“Bob Thomas has earned respect from the jewelry industry in establishing moissanite as a viable, independent category of fine jewelry. We thank him for his contributions to the company,” Russ said.
“I am honored to have had the opportunity to lead this company and to work with our fine employees,” Thomas said.
“We thank Mr. Thomas for his past service to the company,” Reed said. “While the outlook for the jewelry industry continues to be challenging, we will work diligently to grow the company. In this economic environment, we believe moissanite offers consumers a beautiful, unique, affordable jewel with more fire and brilliance than any other.”