RESEARCH TRIANGLE PARK, N.C., May 29, 2020 (GLOBE NEWSWIRE) -- Charles & Colvard, Ltd. (Nasdaq: CTHR), the original and leading worldwide source of created moissanite, announced today that its Board of Directors appointed Don O’Connell to the position of President and Chief Executive Officer, effective June 1, 2020. He will also join the Company's Board of Directors.

Mr. O’Connell, who most recently served as Chief Operating Officer and Senior Vice President, Supply Chain of Charles & Colvard, succeeds Suzanne Miglucci, who resigned as President and CEO and as a member of the Board of Directors, effective June 1, 2020.

Neal Goldman, Chairman of the Board of Directors of Charles & Colvard, said, “Even in these changing times, we believe the market opportunity continues to exist for our gemstones and jewelry, which offer exceptional quality and value, balanced with environmental and social responsibility. The Company has made significant progress over the past several years, growing Online Channels sales, expanding margins, achieving profitability, and maintaining a healthy balance sheet. We want to thank Suzanne for her visionary and strategic contributions, including pivoting to an e-commerce driven business, establishing a respected direct-to-consumer brand, building sophisticated digital marketing capabilities, and raising capital to fund future investments.”

“Given the current challenging economic and retail industry circumstances, we are pleased to have a seamless transition in leadership. Don has broad operational expertise, substantial industry knowledge and strong supply chain and brick-and-mortar relationships. As we transition through the COVID-19 crisis and adapt to the new operating environment, we believe Don’s proven operational ability to deliver efficiency and cost savings while managing the product development and merchandising teams to deliver premium quality jewelry and assortments to our customers will enable us to navigate the necessary changes ahead. Don has been the catalyst for the creation of our luxury award-winning Signature Collection, which represents a growing part of Charles & Colvard’s success. We will continue building on our strengths and capabilities in expanding brand awareness, engaging with customers, delivering a distinctive product and providing an outstanding buying experience,” Mr. Goldman concluded.

About Don O’Connell

Don O'Connell served most recently as Charles & Colvard's Chief Operating Officer and Senior Vice President, Supply Chain, joining the Company in 2016. In this role, Mr. O’Connell managed all functional areas of distribution, operations, and global supply chain, including responsibility for gemstone procurement and faceting, jewelry production, merchandising, product development and customer experience. A highly accomplished jewelry manufacturing, supply chain and distribution executive, he has delivered positive and sustainable results for over 25 years with several organizations in the jewelry industry. Prior to joining Charles & Colvard, Mr. O’Connell served as Executive Vice President Operations & Global Jewelry Business Solutions at OFT Investment & Management Group, a fine jewelry solutions and services group. He spent seven years with the Richline Group, LLC, a wholly owned subsidiary of Berkshire Hathaway, as Vice President, Operations & Procurement, both Foreign & Domestic, and served on Richline’s executive steering committee and acquisition team. Prior to that, Mr. O’Connell was Vice President, Operations at Aurafin's gem group divisions in Taramac, FL and La Paz, Bolivia as well as Vice President, Jewelry Manufacturing & Contracting with OCON Enterprise.

About Charles & Colvard, Ltd.

Charles & Colvard, Ltd. (Nasdaq: CTHR) believes luxury can be beautiful and conscientious. As an e-commerce driven business, the Company brings revolutionary gemstones and jewelry to market through the use of innovative technology and direct-to-consumer engagement. Charles & Colvard is the original pioneer of lab-created moissanite, a rare gemstone formed from silicon carbide. Consumers seek Charles & Colvard fashion, bridal and fine jewelry because of its exceptional quality, incredible value and shared beliefs in environmental and social responsibility. Charles & Colvard was founded in 1995 and is based in North Carolina’s Research Triangle. For more information, please visit https://www.charlesandcolvard.com/.