Cirrus Logic CFO Resigns

Cirrus Logic

(CRUS) - Get Report

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) - Get Report

. His resignation will be effective Sept. 22.