Ex-CEO hired as C&C consultant
Published: Thu, Aug. 07, 2008 12:30AM
Modified Thu, Aug. 07, 2008 01:24AM
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closeCharles & Colvard, the maker of lab-created moissanite gemstones used in jewelry, has agreed to a two-year consultant contract with its former chief executive and chairman.
Under the terms of the agreement, Robert Thomas, who abruptly resigned from the Morrisville company last month, will be paid more than $10,000 per month for consulting on the company's behalf.
According to a report filed with the Securities and Exchange Commission on Wednesday, Thomas' consultation will include assisting Charles & Colvard with a $2.8 million lawsuit with a former customer.
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Thomas was replaced by Dennis Reed, who has served as the company's president and chief marketing officer since March 2007.
For the past year, the company has struggled with lagging sales. Its first-quarter sales declined 41 percent from a year earlier to $3.4 million.
Charles & Colvard recently announced plans to broaden its marketing and continue slashing costs in an attempt to offset declining sales. In May, it laid off 10 employees.
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