RAPAPORT... Scio Diamond Technology Corp. appointed Steve Kelley as its new chief executive. The company stated that Kelley brings nearly 20 years of leadership experience in the technology business sector to the firm. Previously, Kelley (pictured) was a board member for Switch Lighting, a senior advisor at Advanced Technology Investment Corp., an executive vice president at Cree and vice president at Texas Instruments, according to his LinkedIn profile.
Ed Adams, the chairman of Scio's board, said, "We are delighted that Steve has accepted our offer to lead Scio. His diverse skill set, international business experience and technical acumen are a great fit for the company. In many ways, we see Cree, Steve's former company, as an aspirational model for Scio and where it might go. From that perspective, Steve's experience leading high-growth technology businesses fits ideally with Scio's continuing and rapid evolution toward large-scale production of diamond material. I'd also like to thank Joseph Lancia for his service to the company. He helped make Scio a commercially viable enterprise with excellent growth prospects."
Kelley stated, "I am very impressed with Scio's growth potential. The fundamentals are excellent -- a well-established and patent-protected technology, strong customer demand, moderate capital intensity and good gross margins. Scio diamonds are an eco-friendly alternative to mined diamonds. Scio has the potential to be a phenomenal business."