Investing.com -- Shares in Lattice Semiconductor Corporation (NASDAQ:LSCC) tumbled 5% in after-hours trading after Chief Finance Officer Joe Bedewi announced his resignation from the Portland-based smart connectivity solutions company on Friday afternoon.
Bedewi, 55, will resign effective on April 2, when he will be replaced on an interim basis by the company's vice president of finance Max Downing on an interim basis.
"We appreciate Joe’s contributions to Lattice over the past 5 years and wish him the best in his next endeavors," Lattice Semiconductor CEO Darin Billerbeck said in a statement. "We expect to have a seamless transition, with Max Downing serving as acting CFO, given his roles as Lattice’s Vice President of Finance and Corporate Controller since July of 2012."
Bedewi, who also served as Lattice Semiconductor's Principal Accounting Officer at the time of his resignation, joined the company in April, 2011, after serving in a similar capacity at Solar Power, Inc. Prior to that, Bedewi worked as the CFO of Malibu Boats through 2009 and the chief financial officer at International DisplayWorks for 10 months until March, 2007.
Before joining Lattice, Downing spent nearly five years as the corporate controller at Novellus Systems. He has also spent seven years at INTC as a Shared Services Controller and 11 years at KPMG as a manager. Downing received a bachelor's degree from the University of Idaho in 1988.
While Lattice saw its fourth quarter revenues fall 7.8% from the prior three months, its sales were up 21.2% from the same quarter a year earlier. Last March, the company acquired wireless connectivity solutions company Silicon Image, Inc. in a $606.6 million acquisition.
Shares in Lattice Semiconductor fell 0.29 or 5.01% to 5.50 in after-hours.