House of Taylor Jewelry Inc. on Thursday said its chief executive, Jack Abramov, and his brother Monty, resigned for personal reasons. Stock in the company dropped more than 7 percent in trading early Thursday.

The West Hollywood-based jewelry designer said that Jack Abramov will serve as a consultant to the company for a six-month transition period. Lyle Rose was appointed president and chief executive effective immediately.

Monty Abramov resigned as secretary and vice president, effective immediately.

Shares in House of Taylor dropped 7.3 percent to 11 cents in early trading Thursday.