Cree Announces CFO Transition

Cree announced that John Kurtzweil has resigned as executive vice president-finance and chief financial officer, effective May 21, 2012, to pursue other opportunities, and that Michael McDevitt has been appointed CFO on an interim basis.

Mr. Kurtzweil plans to continue as a Cree employee until June 15, 2012, to assist with the transition of his responsibilities. Cree has commissioned a search for a replacement through Russell Reynolds Associates, executive search consultants.

Cree's interim CFO, Mike McDevitt, joined Cree in 2002 as corporate controller and previously served as interim CFO in 2006 during an earlier transition. He has also served as Cree's director of financial planning and as director of sales operations.

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