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.
Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team and the Motley Fool Supernova Odyssey I mission. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's Web home and portfolio holdings, or connect with him on Google+, Tumblr, or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.
The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. 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.