San Jose, Calif.-based Atmel (NASDAQ: ATML ) is switching CFOs.
On Tuesday, the semiconductor maker announced that Chief Financial Officer Stephen Cumming has decided to resign from the company. Taking his place on an interim basis -- while the company searches for a permanent replacement -- will be Atmel Senior Vice President of Corporate Strategy and Development Steve Skaggs.
Skaggs, says Atmel Chief Executive Officer Steven Laub, has in fact worked as both a semiconductor company CFO and as a CEO in the past and so should have little trouble stepping into the role of interim CFO for as long as he's needed. Meanwhile, Cumming will stay on at the company a short while longer "to facilitate the transition."
Atmel offered no explanation for Cumming's departure, by the way, saying only that the move "is not related to any disputes with the company or any issues regarding the integrity of the company's financial statements or accounting policies and practices." Regardless, investors seem a bit shaken up. After losing 1.5% of its market cap in Tuesday trading, the stock sank another 3% after-hours, after Cumming's departure was announced.