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Xilinx (XLNX - Get Report) declined Friday after announcing Chief Financial Officer Lorenzo Flores would be leaving the chipmaker.

Toshiba Memory Holdings announced Friday that Flores would be joining the company as vice chairman. Toshiba Memory is expected to rebrand as Kioxia Holdings on Oct. 1.

"Mr. Flores brings a proven track record of strong executive leadership to the company with extensive financial experience in the technology industry," Toshiba Memory said in a press release. "Mr. Flores will work closely with the executive management team to help lead global business expansion."

Flores, who has been with Xilinx for 11 years, will leave Xilinx following the release of the company's fiscal second-quarter earnings on Oct. 23, the company said in a statement.

Xilinx said it has begun a formal search for a new chief financial officer.

CEO Victor Peng will provide oversight of finance operations while the company search for a new finance chief, Xilinx said. 

Xilinx also was downgraded to neutral from buy at Bank of America Merrill Lynch on Friday, and had its price target cut to $115 from $150.

Xilinx shares fell 5.89% to $97.52 in trading Friday.