NeoPhotonics -6.3%; CFO to exit in May

|About: NeoPhotonics Corporation (NPTN)|By:, SA News Editor

NeoPhotonics (NPTN +0.7%) has tumbled 6.3% in late trading after a filing noting its chief financial officer gave notice on March 31 of his resignation.

Clyde Wallin's exit is effective May 15, and not due to a disagreement with the company. He's agreed to act as a consultant for a three-month transition after that, at $300/hour.

Wallin will get his severance benefits (a lump-sum of $325,000, cash of $72,000 that he can use toward health coverage or otherwise, and accelerated vesting of his equity awards).

NeoPhotonics says it's launched a search process for his successor.