NEW YORK ( TheStreet) -- Mellanox (MLNX) shares tumbled 2.96% to $107.57 before market open on Monday after the server and storage component specialist announced the retirement of Chief Financial Officer Michael Gray.
As part of a planned transition, Gray, who has served as the company's financial chief since December 2004, will retire from his role on Nov. 5. Mellanox also announced on Monday that it has appointed Jacob Shulman, the firm's vice president of finance, to the CFO role, effective Nov.5.
In a statement, Mellanox said that Gray has no plans to join another company in a similar CFO capacity and intends to spend more time with his family in Oregon.
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