Spansion Replaces Key Sales Executive
Oct 6th 2013 11:30PM
Updated Oct 7th 2013 9:38AM
Jay Legenhausen has "terminated" his employment with flash memory maker Spansion , the company said in a late Friday filing with the Securities and Exchange Commission. He had been acting as corporate senior vice president of worldwide sales. Tom Sparkman now assumes that role, according to a revised bio at Spansion's corporate website.
The news kicked off a 4% drop in the stock in after-hours trading Friday, continuing a slide that's seen Spansion shares drop more than 17% year to date. The company reported a fourth-quarter earnings miss in January and then lowered Q2 guidance in July.
Legenhausen joined Spansion from Actel/Microsemi in August 2011. At the time, Spansion CEO John Kispert lauded his experience "increasing revenue" for companies such as Spansion.
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