Cree Inc. (CREE) announced Tuesday morning that John Kurtzweil has resigned as executive vice president-finance and CFO, effective May 21, 2012, to pursue other opportunities, and that Michael McDevitt has been appointed CFO on an interim basis. Mr. Kurtzweil will be leaving to join Extreme Networks.
Cree gapped open lower Tuesday, but was range-bound for the majority of the session. The stock closed down by 1.89 at $27.20 on strong volume. Cree has been declining for the past week and a half and set a 2 1/2 month low.
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