XLNX Stock Sinks on Xilinx CFO Departure


XLNX stock was hit hard on Friday following news that Xilinx (NASDAQ:XLNX) is losing its CFO.

XLNX Stock Sinks on Xilinx CFO Departure

Source: Remus Rigo / Shutterstock.com

Xilinx Executive Vice President and CFO Lorenzo Flores isn’t leaving the company immediately. Instead, he will depart following the conclusion of the company’s fiscal second earnings, which will take place on Oct. 23.

Xilinx notes that it doesn’t yet have anyone ready to take over for Flores once he leaves. However, the company is already starting a search to find a replacement for the CFO. The goal is for there to be a smooth transition from Flores to the next CFO.

“It has been an honor to serve the shareholders, employees and customers of Xilinx during my tenure. I am proud of all we have accomplished together, particularly the outstanding financial performance of the company,” Flores said in a statement. “Xilinx is extremely well-positioned in the industry and I am highly confident that the broad strength of the organization and management will ensure its continued success.”

Xilinx also announce some other changes in connection to Flores departure. Sumeet Gagneja, the Corporate Vice President of Finance and Corporate Controller for the company, is now its Chief Accounting Officer. Matt Poirier, Senior Vice President of Corporate Development and Investor Relations is assuming Treasurer responsibilities. Gagneja will report to Peng and Peng will oversee fiances while the company searches for a new CFO.

XLNX stock was down 6% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/09/xlnx-stock-sinks-on-xilinx-cfo-departure/.

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