Home / Knowledge / News / Fashion / Charles & Colvard announces corporate reorganization
Charles & Colvard announces corporate reorganization
Oct '08
Charles & Colvard Ltd announced a reorganization of its corporate structure in a continuing effort to manage costs and return the Company to profitability.

James R. Braun has resigned from his position as Vice President of Finance and Chief Financial Officer of the Company. He will continue to assist the Company in certain business matters as requested. Neil Boss, Controller of the Company since 2002, will continue to serve in that role and has been appointed as the principal accounting officer and principal financial officer for the Company. A graduate of Penn State with a BS in Accounting, Mr. Boss has worked for the Company since April 1998.

The Company also reduced its workforce by eliminating four other positions within the organization, including positions in marketing and manufacturing. During the three months ended September 30, 2008, the Company will expense approximately $325,000 in severance pay. Additionally, the management team and certain other employees have agreed to a rollback in salary for three months, effective October 1, 2008.

The organizational changes, including those changes made earlier in 2008, will result in salary savings of approximately $1.7 million in 2009, partially offset by $325,000 of severance and consulting fees to be paid in 2009.

Dennis Reed, President, stated, “We thank Mr. Braun and these four associates for their hard work and dedication. We deeply appreciate their contributions in building the Company and its strong reputation in the jewelry industry. The economic climate for the jewelry industry is quite challenging, requiring the Company to make changes in order to achieve profitability quickly and build a foundation for successful growth.”

Steven Abate, Vice President of Manufacturing of the Company since March 2007, has been appointed the Vice President of Operations for the Company and will assume increased responsibilities in areas ranging from manufacturing to information technology. A graduate of New Jersey Institute of Technology, Mr. Abate has worked for the Company since June 2005.

Mr. Reed continued, “We have every confidence in Neil's ability to take on the responsibilities as principal accounting officer and principal financial officer and look forward to his contributions. Steven has been a valuable addition to our organization and we expect continued success in his expanded role.”

Charles & Colvard Ltd

Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

Angelina Francesca Cheang

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Cindy McNaull

We have broad range of options in durable fabrics

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search