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Feroce Out as Alex and Ani CEO

No reason given for departure of prominent Rhode Island CEO.

Former Alex and Ani CEO Giovanni Feroce, at left, talks to Rep. James Langevin during a tour of the company's new headquarters in Cranston in 2011. (Photo: Mark Schieldrop)
Former Alex and Ani CEO Giovanni Feroce, at left, talks to Rep. James Langevin during a tour of the company's new headquarters in Cranston in 2011. (Photo: Mark Schieldrop)
Giovanni Feroce is no longer the CEO of Cranston-based Alex and Ani.

The privately-held company announced Feroce's departure in a brief release that made no mention of why he is leaving the jewelry and lifestyle brand, stating that founder and creative director Carolyn Rafaelian has been appointed CEO by the Board of Directors and will guide the company during the search for a new CEO.

"Alex and Ani has experienced incredible positive energy and growth since this journey began 10 years ago," Rafaelian said in a release. "Now as we seek to take the company to the next level, it is imperative we bring on board a new CEO who has experience leading a fast growing company to the next level and who can provide the strategic direction and vision that will serve us well into the future."

Feroce's departure came as a surprise to some, especially as he's been heralded as a business pioneer who helped turn the small private jewelry line into a brand with international reach. Alex and Ani's meteoric rise over the last few years has been repeatedly referred to by the media and politicians as a true Rhode Island business success story.

Feroce did not elaborate much on the reasons for his departure, telling the Providence Journal that whether he left on his own accord or not "is up in the air."

Feroce raised eyebrows when he bought Wyndham Estate in Newport for $6.8 million in cash in January. He told the Journal that he intends to keep it.

Feroce met Rafaelian in 2009 and they partnered in 2010. By 2012, the company was generating more than $100 million in revenue as sales of its popular bracelets and charms skyrocketed. 

Today, the company operates a Teas and Javas chain of coffee shops; media company Seven Swords Media, which produced the company's Super Bowl spot; and Rafaelian purchased Sakonnet Vineyards in Little Compton as well as Belcourt Castle in Newport.

The company does not release regular finance reports as it is not a publicly traded company. 

George Costanza March 13, 2014 at 07:40 PM
I hope he runs for Governor! He would blow all the other candidates out of the water! We need someone smart in Providence.
Tom March 13, 2014 at 08:01 PM
The curse of the wyndham house
Leave RI March 14, 2014 at 09:11 AM
I call shenanigans...shenanigans has been called.
KR March 14, 2014 at 10:49 AM
Actually PMarandola, the braceletes cost much more than that to make. You should be happy that Alex and Ani is in your backyard. They account for hundreds of local employees having a job in this state as well as employing hundreds more natioanlly. It amazes me how rude people can be when others achieve success. Just because you don't like something doesn't mean you should bash them. Appreciate what they have done and move on.
Amy Field March 14, 2014 at 11:55 AM
They'll probably go much further without the negativity that was just released. I wish Carolyn much success.

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