Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.
Watch: Adam Sandler Plays a Troubled Jeweler in ‘Uncut Gems’
Set for a Dec. 13 release, the film follows a fictional Diamond District jewelry store owner.

New York—The holiday season is around the corner; cue the myriad local news stories about dishonest jewelers or, in the case of 2019, an indie film starring Adam Sandler as a Diamond District jewelry store owner who’s in way over his head.
On Tuesday, New York-based production company A24 dropped the trailer for “Uncut Gems,” a thriller set in New York that follows the travails of a fictional jewelry store owner, Howard Ratner (played by Sandler).
In the movie, Ratner “never seems to stop talking, lying, running and hustling,” Los Angeles Times critic Justin Chang wrote. The trailer shows Sandler’s character slinging bling to stars, gambling—presumably with money that’s not his—partying in clubs, cheating on his wife and getting punched in the face.
Both the film and Sandler’s performance created buzz on the film festival circuit and have garnered critical praise so far, with 35 out of 37 critics certifying the movie “fresh” (giving it a positive review) for a score of 95 percent on Rotten Tomatoes.
WATCH: The Trailer for ‘Uncut Gems’
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“Uncut Gems” also stars Lakeith Stanfield (“Get Out” and the TV series “Atlanta”), Idina Menzel (the voice behind Elsa in “Frozen”) and retired NBA superstar Kevin Garnett.
It was directed by the Safdie brothers, Josh and Benny, whose past credits include 2017’s “Good Time” starring Robert Pattinson.
The movie is set for a Dec. 13 release.
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