Cree Makes Its New CFO Choice Official

By Rich Smith – Feb 4, 2013 at 8:47PM

NYSE: WOLF

Wolfspeed

Market Cap

$3B

Today's Change

(8.46%) $1.91

Current Price

$24.48

Price as of April 24, 2024, 4:00 p.m. ET

Mike McDevitt gets a chance to continue his good work at Cree.

On Monday, LED specialist Cree (WOLF 8.46%) 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.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.