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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.