Feroce Out as Alex and Ani CEO

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.