Charles & Colvard, Ltd. (NASDAQ: CTHR), the sole manufacturer of moissanite jewels has appointed Randy N. McCullough as its Chief Executive Officer and H. Marvin Beasley to its Board of Directors. Mr. McCullough’s responsibilities will include the development of short- and long-term operating strategies designed to enhance shareholder value by growing top-line revenue and improving net profit and cash flow. Mr. Beasley’s responsibilities will be to add additional jewelry industry expertise to Charles & Colvard’s Board of Directors.
Mr. McCullough’s career spans 36 years of diverse, progressive responsibilities in the jewelry industry. For the past 12 years, Mr. McCullough, age 56, was with Samuels Jewelers, a privately held retail specialty jewelry store chain with 150 stores located primarily in regional shopping malls, where he started in 1997 as Senior Vice President of Merchandising and Marketing, became President and Chief Executive Officer in 1998, and, in 2008, became Chairman of the Board. Prior to Samuels Jewelers, Mr. McCullough was President and Chief Executive Officer of Silverman’s Factory Jewelers, a vertically integrated retail jewelry chain in the Southwestern United States. Mr. McCullough began his career with A.A. Friedman Company, a privately held retail jewelry store chain that grew from 23 stores to over 120 stores during his tenure. Mr. McCullough is a National Jeweler Retailer Hall of Fame inductee and has served as Chairman of the Diamond Council of America, a Committee Chairman of the Gemological Institute of America, and a Director of the Jewelers Summit Advisory Council.
Mr. Beasley, age 66, recently retired from Helzberg Diamonds, a retail jewelry store chain, where he was Chief Executive Officer for the past five years. From 2000 to 2004, Mr. Beasley was President and Chief Operating Officer of Helzberg, responsible for merchandising and marketing, distribution, and store operations. He started at Helzberg in 1989 as Senior Vice President of Merchandising and Distribution. Mr. Beasley began his retail jewelry career in 1973 as a Merchandise Manager for Best Products Company.
George R. Cattermole, Chairman of the Board of Charles & Colvard commented, “We are extremely pleased to add Randy and Marvin to our team, and we believe their jewelry and merchandising backgrounds will be the differentiating factors to Charles & Colvard’s future success. With our recent additions of Tim Krist as our Chief Financial Officer and Tom Pautz as our Vice President of Sales and Marketing, we believe we have the right cross-section of talent that can execute the strategic initiatives to increase shareholder value and to reintroduce Charles & Colvard to the world.”
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