Spansion Replaces Key Sales Executive

Jay Legenhausen has "terminated" his employment with flash memory maker Spansion (NYSE: CODE  ) , the company said in a late Friday filing with the Securities and Exchange Commission. He had been acting as corporate senior vice president of worldwide sales. Tom Sparkman now assumes that role, according to a revised bio at Spansion's corporate website.

The news kicked off a 4% drop in the stock in after-hours trading Friday, continuing a slide that's seen Spansion shares drop more than 17% year to date. The company reported a fourth-quarter earnings miss in January and then lowered Q2 guidance in July.

Legenhausen joined Spansion from Actel/Microsemi in August 2011. At the time, Spansion CEO John Kispert lauded his experience "increasing revenue" for companies such as Spansion.

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