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Cree names McDevitt chief financial officer

DURHAM, N.C. (AP) -- Cree Inc., which makes LED products, said Monday that it appointed Mike McDevitt executive vice president and chief financial officer, effective immediately.

McDevitt, who was vice president and interim CFO since May, has more than 20 years of finance and operations experience. Before becoming interim CFO, he served in a variety of positions; including director of sales operations, director of financial planning and corporate controller, Cree said.

Shares of Durham, N.C.-based Cree fell 42 cents to $43.52 in morning trading.