(BRK.A), (BRK.B)
Richline Group is announcing the retirement of Dennis Ulrich after almost 11 years as CEO of the Berkshire Hathaway subsidiary.
Dave Meleski, current President of the Richline Group, will assume the role of CEO.
From Dennis’s letter to employees and friends, “It is with both pride and excitement, I wanted to let you know that I will be retiring this year. 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. Dave and I have worked very closely, in all aspects of the business, and I am confident his leadership will bring Richline to many new and exciting successes in the future.”
In 2007, Ulrich’s Bel-Oro and Meleski’s Aurafin, were sold to Warren Buffett’s Berkshire Hathaway. Under the leadership of Dennis (CEO) and Dave Meleski (President), the company expanded the Richline brand from gold jewelry business into the diamond, gemstone, and pearl categories. Richline has also grown to include business units that manufacture raw materials, findings, and supply packaging, and tools to over 150,000 customers. This also includes patented products used to pierce over 250 million earlobes around the world.
All Richline business units are supported by vertical, global sourcing, manufacturing and sales facilities, each fully compliant to the highest world standards. The Richline family today is over 3,000 valued associates around the globe.
Dave Meleski stated, “I have enjoyed the past 11 years working in partnership with Dennis to create a business that we, our employees, and Berkshire shareholders can be proud of every day. The path that Dennis has forged will be one that I look forward to continue.”
© 2018 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.