Charles & Colvard Ltd.’s chief executive officer and chairman, Robert Thomas, has submitted his immediate resignation from his current position in the company. This has come at a time when the jeweller is facing a $50 million lawsuit from its former client K&G Creations, for breach of contract. Thomas will however continue his association with the company as a consultant. %% Filling the gap temporarily, Frederick Russ, the present lead independent director of the company will serve as interim chairman and Dennis Reed, the present president and chief marketing officer will undertake managing the company's operations.