Gemstone maker gets interim CEO

STAFF WRITERJuly 25, 2009 

— The chairman of Charles & Colvard, the struggling maker of moissanite gemstones, has been named interim CEO.

The appointment of George R. Cattermole, 68, is for three months or until a permanent CEO is hired, whichever comes first, the Morrisville company disclosed in a regulatory filing.

Cattermole succeeds Richard A. Bird, who resigned earlier this month after five months on the job. Bird resigned in the face of "mounting evidence that recovery of the depressed worldwide jewelry markets will be slower than previously expected," the company said at the time.

Cattermole will receive $6,000 per week as CEO -- 70 percent in cash and 30 percent in stock.

Charles & Colvard lost $1 million in the first quarter as sales plummeted 27 percent to $2.5 million.

News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service