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MajorsMay 11, 2018
Dennis Ulrich to Retire from Richline This Year
He’s stepping down after almost 11 years and will be succeeded by Richline President Dave Meleski.
New York--Dennis Ulrich is retiring as CEO of the Richline Group after almost 11 years in the position and 45 in the jewelry industry, the company announced Thursday.
Richline’s current president, Dave Meleski, will take over as CEO, with Ulrich staying on for “some time” to assist Meleski in the transition.
Ulrich started in the jewelry business in 1974 when he began working at the “original Richline” with his father, Mitchel, and his mother, Ruth.
In 1994, Ulrich and his wife, Liz, started Bel-Oro International, focusing at first on Italian jewelry, but over time growing the company to become the largest importer of gold jewelry from Italy, Israel, Turkey and other locations around the world.
Bel-Oro and Aurafin, which was headed by Meleski, were both purchased by Warren Buffett’s holding company, Berkshire Hathaway, in 2007 and merged to form the Richline Group.
Ulrich became the CEO of Richline, with Meleski as the president.
Under the leadership of Ulrich and with Berkshire Hathaway’s backing, Richline has expanded from primarily gold jewelry into pearls, diamonds and colored gemstones, while also adding units that manufacture tools, findings and raw materials.
The company has acquired custom jewelry website Gemvara, home sales jewelry company Silpada, manufacturer The Aaron Group and pearl company Honora, among many others, over the past decade and now has more than 3,000 employees worldwide.
In a letter to employees and friends shared by Richline, Ulrich wrote: “It has been a wonderful 45 years for me in the jewelry industry, sharing all the experiences with my wife, Liz, both my kids and all my associates. I am leaving Richline in the very capable hands of Dave Meleski … I am confident his leadership will bring Richline to many new and exciting successes in the future.”
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