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Cree Makes Its New CFO Choice Official

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On Monday, LED specialist Cree (NASDAQ: CREE  ) announced that it has decided to make interim Chief Financial Officer Mike McDevitt's job permanent, effective immediately.

CEO Chuck Swoboda described "Mike" as "an invaluable member of the Cree team," and well he might say so. Over the past couple of quarters, McDevitt has run the CFO shop (even if only on an interim basis), and he's helped Cree grow its quarterly revenues 13% (in the most recent quarter, and as compared with fiscal Q4 2012) and more than double its net income.

Nonetheless, Cree's news couldn't protect the stock entirely from a falling market today. Cree shares closed down 0.4% at $43.75.

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Rich Smith

I love things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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Related Tickers

11/25/2015 4:00 PM
CREE $27.10 Up +0.07 +0.00%
Cree, Inc. CAPS Rating: ***