Scio Makes Big Changes In Top Management
June 22, 14
(IDEX Online) – Scio Diamond Technology Corp, a manufacturer of lab-grown gemstone and industrial diamonds, has appointed an interim Chief Executive Officer after it fired Michael McMahon.
The company also dismissed its Chief Financial Officer (CFO) and appointed a new member to the management team.
McMahon has been replaced by Gerald McGuire, a consultant and member of Scio's Board of Directors. “The appointment reflects the Board's desire for greater accountability, in-house manufacturing expertise and improvements in company performance as well as increased and improved shareholder communications,” the firm said in a statement.
Scio also dismissed CFO Jonathan Pfohl and named Douglas Walker, a company consultant, as interim CFO.
Additionally, the company has added Michael Laub, a consultant specializing in restructuring, to the management team.
McGuire brings over 25 years of semiconductor industry experience to Scio. The semi-conductor industry is expected to be a strong growth area for Scio in the coming years, the firm said.
Bruce Likly, co-chairman of the Board of Directors, commented, "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.