Gitanjali changes in management

Gitanjali U.S.A., a division of Gitanjali Gems, operating Samuels Jewelers, Inc. and Rogers Ltd, Inc., two of America’s leading specialty retailers of fine jewelry announced, effective immediately, the promotion of Randy McCullough to Chairman and Deepak Gandhi to President and CEO of Gitanjali U.S.A. In addition, David Barr will be retiring from his current Chairman position, but will remain as a special advisor to the Board.

As Gitanjali U.S.A.’s new Chairman, McCullough will provide strategic overview, lead development of in-house brands, and chair the board governance of the entities. McCullough joined Samuels in 1997, served as VP of Merchandising, COO and then became President and CEO in September 1998. McCullough serves on the board of Diamond Council of America, Jewelers for Children and is a member of the Jewelry Hall of Fame also recently honored by American Jewish Committee with its Human Relations Award for the Jewelry Division.

Deepak Gandhi joined Samuels in connection with the acquisition of Samuels by Gitanjali Gems, Ltd. in December 2006. He has 30+ years of professional experience that includes being the president and founder of Global Systems Inc. (GSI), a high tech company providing information technology solutions to improve productivity, service, cycle time, and quality. Before starting GSI, Deepak was a GE executive and has spent 15 years with leadership assignments in engineering, marketing and international business development. He has also led a joint venture formation and two business turn-arounds at GE. Deepak completed his B. Tech. from Indian Institute of Technology, Madras, India and MSEE from University of Wisconsin, Madison, Wisconsin, USA.

In his new role, all operating functions, including store operations, marketing, merchandising, and human resources will report to him.

David Barr has been Chairman of Samuels since November 2000 and has served as Interim Chairman of Rogers since the acquisition of Rogers by Gitanjali Gems in November 2007. Barr and McCullough, along with other members of senior management, were instrumental in leading a revitalization of Samuels by repositioning the brand, reducing overhead and rationalizing store locations. In 2006, Barr negotiated the sale of Samuels on behalf of funds managed by DDJ Capital Management to Gitanjali Gems. Subsequent to the acquisition, Gitanjali requested Barr to remain as Chairman. In his new role as special advisor, Barr will provide counsel to Gitanjali Gems regarding its growth in the U.S.A. retail market.

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