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The appointment of George R. Cattermole, 68, is for three months or until a permanent CEO is hired, whichever comes first, the Morrisville company disclosed in a regulatory filing.
Cattermole succeeds Richard A. Bird, who resigned earlier this month after five months on the job. Bird resigned in the face of "mounting evidence that recovery of the depressed worldwide jewelry markets will be slower than previously expected," the company said at the time.
Cattermole will receive $6,000 per week as CEO -- 70 percent in cash and 30 percent in stock.
Charles & Colvard lost $1 million in the first quarter as sales plummeted 27 percent to $2.5 million.
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