Yesterday, US LED giant Cree announced that executive vice president and chief financial officer Mike McDevitt will retire after the transition period. Mike McDevitt will continue to work until the company finds the right successor. After appointing a successor, he can still serve as a consultant to the company to ensure a seamless transition of leadership responsibilities.
Since joining Cree in 2002, McDevitt has held a number of executive finance positions, helping Cree grow from less than $200 million in annual revenue to approximately $1.5 billion, with approximately 6,900 employees worldwide. McDevitt has served as the company's Chief Financial Officer since May 2012.
CEO Gregg Lowe said: “Mike has made a significant contribution to the company's continued success as a CFO, and we thank him for helping us launch and consolidate our new business strategy. Now we have achieved important results, we are working With the new strategy gaining more and more welcome in the market, we believe that our company will support our growth plan and achieve a successful future."
McDevitt said: "As the team continues to implement new strategic directions, I feel that it is the right time to start the CFO transition. In the past 16 years, I have been honored to work with many of Cree's outstanding employees and the board of directors, first promoted LED applications, then LED lighting and more recently our Power and RF products. The company's financial position is good and can grow in the future. I am grateful to Gregg and Chuck for giving me the chance of being CFO. I look forward to working with Gregg and the team. Work together, find our next CFO and make sure the transition is smooth." (Compile: LEDinside James)
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