Computer networking products maker Lantronix Inc. (Nasdaq: LTRX) in Irvine said president and CEO Paul Pickle will resign to pursue another opportunity as the chief executive officer of Semtech Corp. (Nasdaq: SMTC).
Shares in Lantronix fell 10.5% in after-hours trading to $4.70 apiece for a market cap of $192 million, after closing up 9.4%.
Pickle’s resignation will become effective at some time between June 8 and June 29, the company said.
If a new CEO has not been appointed by Pickle’s last day with Lantronix, the company’s chief financial officer, Jeremy Whitaker, will serve as interim CEO of the company until the board of directors appoints a new permanent chief.
Shares of Semtech, which has a $1.4 billion market cap, rose 1.2% to $22.51 in after-hours trading.
