John Kurtzweil Has Resigned as Executive Vice President-Finance & Chief Financial Officer

Cree, Inc. announced that John Kurtzweil has resigned as executive vice president-finance and chief financial officer, effective May 21, 2012, to pursue other opportunities, and that Michael McDevitt has been appointed CFO on an interim basis. Cree has commissioned a search for a replacement through Russell Reynolds Associates, executive search consultants. Mr. Kurtzweil plans to continue as a Cree employee until June 15, 2012, to assist with the transition of his responsibilities. "The decision to leave Cree was a very difficult one for me as the past six years have been personally rewarding," said Mr. Kurtzweil. "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." "We appreciate John's contributions in helping grow Cree from $400 million in revenues in fiscal 2007 to over a billion dollars in annualized revenues today," said Chuck Swoboda, Cree chairman and chief executive officer. "He has built a strong finance team and a foundation for future growth. We wish him continued success." Source: cree.com