MORRISVILLE, N.C.--(BUSINESS WIRE)--The Board of Directors of Charles & Colvard, Ltd. (Nasdaq:CTHR), the original and leading worldwide source of moissanite, selected board member Suzanne Miglucci to be the next President and Chief Executive Officer. This follows H. Marvin Beasley’s decision to retire from his current roles of President, Chief Executive Officer and Director, effective December 1, 2015.
“Retail is undergoing a monumental transformation,” said Neal Goldman, Executive Chairman of the Board of Directors of Charles & Colvard. “For brand manufacturers like Charles & Colvard to compete successfully, we believe we need to embrace omni-channel marketing and distribution strategies designed to increase consumer awareness and acceptance of Charles & Colvard moissanite. Ms. Miglucci brings these talents along with deep branding expertise to us in her new role as President and Chief Executive Officer of our Company.”
Mr. Goldman continued, “As corporations strive to optimize the customer experience and gain market share in an increasingly complex digital marketing space, it is no surprise they are turning to their marketing bench to lead the charge. With our decision to appoint Ms. Miglucci, Charles & Colvard joins the ranks of other brand name market-leading companies which have also recently appointed marketing executives to their helms. We believe Suzanne, as our new President and Chief Executive Officer, will advance the Company to its next levels of success.”
In June 2012, Ms. Miglucci stepped into the Chief Marketing Officer role at ChannelAdvisor Corporation, an e-commerce software and services solution provider, where she played a pivotal role in the company’s Initial Public Offering and substantial growth. Prior to joining ChannelAdvisor, she served as Senior Director, Global Procurement Solution Marketing, at SAP, a market leader in enterprise application software. Ms. Miglucci has also held executive marketing positions at SciQuest, Inc., MicroMass Communications and Arsenal Digital Solutions. She has served as a Director of Charles & Colvard since August 2015.
“Charles & Colvard’s stunning gemstones offer a unique value proposition for today’s socially conscious consumer,” said Ms. Miglucci. “I look forward to expanding the Company’s footprint through traditional and online channels, and to extending the Charles & Colvard brand to a global audience. Mr. Beasley has created a strong foundation from which we will grow, and we thank him for his many years of service.”
About Charles & Colvard, Ltd.
Charles & Colvard, Ltd., based in the Research Triangle Park area of North Carolina, is the world’s only source of Forever Classic™, Forever Brilliant®, and Forever One™ moissanite gemstones, which surpass the fire and brilliance of diamonds. Moissanite is unique, available in three color grades (colorless, near-colorless, and faint color), and created from silicon carbide (SiC) crystals for fine jewelry. Charles & Colvard Created Moissanite® is sold with a Certificate of Authenticity and Limited Lifetime Warranty to wholesale distributors, manufacturers, retailers, TV shopping networks, and designers as loose stones or set in a wide variety of quality metal setting options. Charles & Colvard, Ltd. also sells direct to consumers through its wholly owned operating subsidiaries Moissanite.com, LLC and Charles & Colvard Direct, LLC, d.b.a. Lulu Avenue®.
Charles & Colvard, Ltd.’s common stock is listed on the NASDAQ Global Select Market under the symbol “CTHR.” For more information, please visit www.charlesandcolvard.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements expressing expectations regarding our future and projections relating to products, sales, revenues, and earnings are typical of such statements and are made under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations, and contentions and are not historical facts and typically are identified by use of terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “continue,” and similar words, although some forward-looking statements are expressed differently.
All forward-looking statements are subject to the risks and uncertainties inherent in predicting the future. You should be aware that although the forward-looking statements included herein represent management’s current judgment and expectations, our actual results may differ materially from those projected, stated, or implied in these forward-looking statements as a result of many factors including, but not limited to, our dependence on consumer acceptance and growth of sales of our products resulting from our strategic initiatives; dependence on a limited number of customers; the impact of the execution of our business plans on our liquidity; our ability to fulfill orders on a timely basis; the financial condition of our major customers and their willingness and ability to market our products; dependence on Cree, Inc. as the sole supplier of the raw material; our ability to successfully manage the transition of our President and Chief Executive Officer; our current wholesale customers’ potential perception of us as a competitor in the finished jewelry business; intense competition in the worldwide jewelry industry; our ability to maintain quality control; general economic and market conditions, including the current economic environment; risks of conducting business in foreign countries; the pricing of precious metals, which is beyond our control; the potential impact of seasonality on our business; our ability to protect our intellectual property; the risk of a failure of our information technology infrastructure to protect confidential information and prevent security breaches; possible adverse effects of governmental regulation and oversight; and the failure to evaluate and integrate strategic opportunities, in addition to the other risks and uncertainties described in our filings with the Securities and Exchange Commission, or the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and subsequent reports filed with the SEC. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur except as required by the federal securities laws, and you are urged to review and consider disclosures that we make in the reports that we file with the SEC that discuss other factors relevant to our business.