Bloomberg News

Cree Falls as Chief Financial Officer Resigns for New Job

May 22, 2012

Cree Inc. (CREE:US), a maker of energy- efficient lighting products, fell the most in five months after Chief Financial Officer John Kurtzweil quit to join Extreme Networks (EXTR:US) Inc.

Cree, based in Durham, North Carolina, dropped 6.5 percent to $27.20 at the close in New York, the biggest decline since Dec. 19.

Michael McDevitt was appointed interim chief financial officer at Cree and Kurtzweil will continue until June 15 to help with the transition, the company said today in a statement.

Cree hired the executive recruiter Russell Reynolds Associates to lead a search for Kurtzweil’s replacement.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • CREE
    (Cree Inc)
    • $31.99 USD
    • -0.65
    • -2.03%
  • EXTR
    (Extreme Networks Inc)
    • $3.62 USD
    • -0.02
    • -0.55%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus