Cree Inc.'s (CREE) executive vice president-finance and chief financial officer, John Kurtzweil, has resigned from the company, effective May 21, 2012, to join Extreme Networks Inc. (EXTR) as chief financial officer and senior vice president. Michael McDevitt has been named CFO of Cree on an interim basis. Cree has commissioned a search for a replacement through Russell Reynolds Associates, executive search consultants.
Kurtzweil intends to continue as a Cree employee until June 15, 2012, to assist with the transition of his responsibilities.
Commenting on Cree's business outlook for the fiscal quarter ending in June, Chuck Swoboda, Cree chairman and chief executive stated, "We are encouraged with our progress in growing the business through the first half of the quarter. At this point, we remain on track with our targets."
On June 29th, Kurtzweil would succeed Interim CFO Jim Judson, who would continue as a consultant during a transition period, Extreme Networks added.
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