Cirrus Logic CFO Resigns

Cirrus Logic(CRUS Quote - Cramer on CRUS - Stock Picks) said its Chief Financial Officer John T. Kurtzweil has resigned and will join another company.

Shares of the the Austin, Texas, maker of semiconductors sank 3.3% to $7.17 in early trading Wednesday.

"Helping Cirrus Logic maintain a strong financial foundation as it has refocused on its core business has been important to me," Kurtzweil said in a statement. "I believe that we have built a strong finance organization along with sound financial processes and controls that will support Cirrus Logic as it continues to build on its leadership position in analog and mixed signal technology."

Kurtzweil will now fill the CFO slot at chip-device maker Cree(CREE Quote - Cramer on CREE - Stock Picks). His resignation will be effective Sept. 22.