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RAPAPORT... Lab-grown gem manufacturer Scio Diamond Technology Corp. appointed board member Gerald McGuire to the role of interim CEO following the dismissal of Michael McMahon, who was the CEO. The change in executive leadership reflected the board's "desire for greater accountability, in-house manufacturing expertise and improvements in company performance," according to a statement.
Scio Diamond also dismissed Jonathan Pfohl from the post of chief financial officer (CFO) and named Douglas Walker to the post on an interim basis. The firm added Michael Laub, a consultant specializing in restructuring, to the management team. Shares in the company fell 4.5 percent to 44 cents as of midday on the over-the-counter bulletin board (OTCBB).
McGuire brings more than 25 years of semiconductor industry experience to Scio Diamond, which is an area of growth for the firm. Bruce Likly, the co-chairman of the board, said, "The board believes this leadership change is necessary to enhance the management teams' operational focus and ability to execute the company's plans for profitable growth. We are fortunate to have someone with Gerald's extensive operational, financial and leadership experience ready to assume the role of CEO at this important juncture. We are confident that he is the right person to lead Scio at this time."
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