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Collectors Universe CEO leaving

March 19, 2009

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Newport Beach, Calif.--Collectors Universe Inc. announced earlier this week that Chief Executive Officer Michael Haynes is leaving the company on April 1, according to a news release.

Haynes, according to the release, is departing to "pursue other opportunities."

"Based on a strategy established by the board at the beginning of my term in 2003, Collectors Universe has been transformed to focus on its core competency of grading and authentication of collectibles, with updated operating systems and restructured management," Haynes said. "The proven leadership position of these divisions in their markets along with the efficient operating support and favorable balance sheet provides the foundation for long-term profitability."

Michael McConnell, a member of the company's board of directors, has been appointed interim CEO, according to the release.

"During his tenure, Michael Haynes directed the turnaround of the company and was instrumental in strengthening the balance sheet and positioning the company for long-term profitability. The company has now substantially improved continuing operations and is prepared for the next phase of success. We are grateful for his years of dedication toward this goal," said Clint Allen, chairman of the board.

Newport Beach, Calif.-based Collectors Universe authenticates and grades collectibles, such as stamps and autographs.

The company used to own and operate both the Gem Certification and Assurance Laboratory (GCAL) and the American Gemological Laboratory (AGL) but opted to drop both labs earlier this month because of uncertainty about the performance of the jewelry market.

GCAL founder The Palmieri Group, led by lab President Don Palmieri, opted to buy back the lab and keep it in operation.

The fate of the AGL remains unclear.
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