Extreme Networks

(EXTR) - Get Report

said Harold Covert has resigned as vice president and chief financial officer, and the news sent the company's shares lower in premarket trading.

The company said Monday after the close that Covert's resignation will be effective Aug. 31. He will remain with the telecom-equipment maker as a consultant until Feb. 28, 2004. A press release from the company didn't offer information on a possible replacement.

Extreme said that Covert resigned in order to pursue opportunities that will enable him to spend more time with his family on the East Coast. Extreme is based in Santa Clara, Calif.

Shares of Extreme were dropping 69 cents, or 11%, to $5.48 in Instinet trading before the opening bell.