Chicago - Cobra Electronics announced Friday that Michael Smith has submitted his resignation as senior VP and chief financial officer, effective Jan. 31.

Bob Ben, VP and corporate controller, has been appointed as interim CFO while the company searches for a replacement, Cobra said.

Smith has reportedly accepted a position as COO of a privately held company in the specialty apparel industry. The name of the company was not given.  

"I have been offered an opportunity to expand my professional capabilities with a broader scope of responsibilities and new growth avenues," said Smith in a statement. "I have enjoyed my time with Cobra tremendously and have grown both personally and professionally."

Cobra said it will launch a search for a new CFO shortly and that both internal and external candidates will be considered.