The current Chairman of Board at Charles and Colvard Ltd., George R. Cattermole has been appointed as interim chief executive officer of the company by its Board of Directors, reports say. Along with his new portfolio as interim CEO, Cattermole will continue serving his position as chairman of the board. Cattermole will resign his membership on the company's audit, compensation, and nominating and governance committees.

He will be replacing Richard Bird who retired from the post as CEO of Charles and Colvard Ltd. in July 2009. Bird was appointed following an agreement between Charles and Colvard Ltd. and Bird Capital Group to uplift sales at Charles and Colvard Ltd. Sales however continued to plummet, followed by Bird resigning as CEO.

Reports say that Cattermole will be compensated not as board chairman but as an independent contractor, with $6,000 pay per week, ins a 70:30 ratio of cash and stock payment. Cattermole has been associated with Charles and Colvard Ltd., as its director since May 2008. He has been handling the portfolio of chairman of the board since February 2009.