CHARLES & COLVARD LTD 8-K

What Happened Charles & Colvard, Ltd. (CTHR) filed an 8-K on Jan 7, 2026 disclosing that the Board approved the termination of Don O’Connell as President and Chief Executive Officer effective January 5, 2026. The Board appointed Michael Levin (age 63), the Company’s current Board Chair, to serve as Executive Chair to oversee the company, lead the executive team, and conduct a search for a new CEO.

Key Details

• Termination effective: January 5, 2026; described as without "Cause" under Mr. O’Connell’s employment agreement.
• Interim Executive Chair: Michael Levin appointed for an initial term of three months.
• Compensation: Mr. Levin will receive $18,000 per month while acting as Executive Chair, in lieu of other Board compensation (approx. $54,000 over the initial three months).
• Disclosures: Mr. Levin has no family ties to company officers/directors, no material transaction interests under Item 404(a) of Regulation S-K, and no special arrangements led to his selection.

Why It Matters This is a material leadership change: the CEO role is vacant and the Board has delegated interim operational oversight to its Chair while conducting a CEO search. Investors should note the potential near-term impact on strategy and management continuity, the incremental interim cost of $18,000/month to the company, and that the filing does not disclose any severance or other payments to the departing CEO.