News: Microelectronics
19 November 2024
Gregg Lowe departs Wolfspeed as president & CEO
Wolfspeed Inc of Durham, NC, USA — which makes silicon carbide (SiC) materials and power semiconductor devices — says that its board of directors has determined and agreed with Gregg Lowe that in November he will depart from his roles as president & CEO and as a member of the board. Hence, with the support of a global executive search firm, the board is seeking to identify a permanent CEO.
The board has appointed Thomas Werner (a board member since March 2006, and chairman of the board since October 2023) as executive chairman while the board works to identify the firm’s next CEO. Werner will oversee the continued execution of Wolfspeed’s strategy in close alignment with its senior leadership team, the board and the board’s operations and finance committees. Following Werner’s appointment as executive chairman, board member Stacy Smith has been appointed as lead independent director.
“Since joining the company as CEO in 2017, Gregg has spearheaded our transition into a leading, pure-play silicon carbide company well positioned to capture the long-term opportunities ahead,” comments Werner. “The board has always been focused on driving long-term value and, at this inflection point in Wolfspeed’s journey, the board agreed that this is the right time for a leadership transition,” he adds.
“I have started in the role of executive chairman to keep Wolfspeed focused on completing key priorities while the board conducts a search for our next CEO,” Werner continues. “As we look ahead, we are firmly committed to our key strategic initiatives, which includes executing against the milestones outlined in our recent CHIPS PMT [preliminary memorandum of terms] agreement, completing our restructuring initiatives to lower our break-even point and accelerate our path towards profitability, and delivering sales growth on a consistent basis. Wolfspeed is materially undervalued relative to its strategic value and I will focus on driving the company’s priorities and working with the Finance Committee of the board to explore options to unlock value,” he concludes.
“Over the past seven years, we have transformed Wolfspeed into the only pure-play and vertically integrated silicon carbide operator in the country to capitalize on the structural and long-term demand for next-generation semiconductor technology,” says Lowe. “While there is work still to be done, I have every confidence that Wolfspeed will execute on its strategic priorities and extend its silicon carbide leadership in the years to come.”
Wolfspeed announces $750m in proposed funding from US CHIPS Act plus $750m from investment group
Wolfspeed CEO Gregg Lowe appointed to NC A&T’s Board of Trustees
