Tuesday, May 22, 2012

Cree Inc. (Nasdaq: CREE) Tumbles; CFO Leaving For Same Job At Extreme Networks

Cree Inc. (Nasdaq: CREE) Tumbles; CFO Leaving For Same Job At Extreme NetworksAtlanta, GA 5/22/12 (StreetBeat) -- Cree Inc. (Nasdaq: CREE) shares are falling hard Tuesday morning after the LED lighting company announced that CFO John Kurtzweil has resigned effective yesterday to take the CFO job at Extreme Networks, a networking equipment company.

At Extreme, Kurtzweil will succeed interim CFO Jim Judson.

At Cree, on an interim basis he will be replaced by Michael McDevitt, who has been corporate controller. The company has hired Russell Reynolds to conduct a search for a permanent replacement. Kurtwell will remain an employee of the company until June 15 to assist with the transition.

“The decision to leave Cree was a very difficult one for me as the past six years have been personally rewarding,” Kurtzweil said in a statement. “At this point in my career, however, I decided to move to Extreme Networks, a smaller firm where I can have a more hands-on role in growing the business.”

Investors always hate CFO transition, and this one is no exception: CREE is down $3.77, or 13%, to $25.32.

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