The firm is a wholesaler and retailer.
Dallas-based DGSE Cos Inc., a wholesaler and retailer of jewelry, diamonds, fine watches and precious metal bullion and rare coin products, announced that John Loftus has been named to the positions of chairman of the board, president and CEO.
The appointment was effective Dec. 12. Loftus replaces Matthew M. Peakes, who has resigned from the board and will transition into the role of executive vice president and director of acquisitions.
Loftus was selected because of his experience with mergers, acquisitions and the precious metals industry, according to a press release.
He served as CEO of Elemetal LLC from 2012 to 2015. Prior to that, he founded NTR Metals LLC, a precious metals refiner for jewelers, pawnbrokers and metal industries customers worldwide. He has also worked as a commodities floor trader.
"I believe DGSE’s retail stores can regain profitability and competitiveness, but to get there we will need to transform our operational strategies from within, build on our core strengths, and streamline operations," Loftus said. "We have identified specific fronts, including organizational and leadership changes, that we believe will be the source of a winning strategy for our business going forward. Our retail stores offer tremendous value to those seeking to sell jewelry, including years of expertise in jewelry repair, marketing, a secure sales environment, and the ability to provide timely liquidity."
He said DGSE (NYSE MKT: DGSE) will also "focus on strategic or transformative acquisitions of smaller competitors, subsidiaries, or other, complementary businesses."
Potential targets include retail or wholesale entities, "likely focusing on precious-metal related businesses in the near term," he said.
DGSE's operations include Charleston Gold & Diamond Exchange and Dallas Gold & Silver Exchange operations. The company also owns Fairchild International Inc., a vintage watch wholesaler. DGSE has retail facilities in South Carolina and Texas.
Peakes stated: "This past year has been about getting back to the basics, stabilizing the company, elevating the customer experience and improving our retail presence. Getting our retail footprint where we want it and having closed the transaction with Elemetal and NTR Metals, we have an optimistic outlook for the future of DGSE. John’s leadership and a strengthened balance sheet allow us to embark on a dynamic campaign of acquisition and growth."