DURHAM, N.C. - Wolfspeed, Inc. (NYSE: NYSE:WOLF), a leader in silicon carbide technologies, disclosed today that Gregg Lowe will step down as President and CEO and from the Board of Directors. The company has initiated a search for a new CEO with the aid of an executive search firm.
Thomas Werner, the current Chairman of the Board, has been appointed as Executive Chairman to guide the company through this transition. Stacy Smith, another Board member, will take on the role of Lead Independent (LON:IOG) Director.
Werner expressed gratitude towards Lowe for his leadership since 2017, which transformed Wolfspeed into a prominent silicon carbide company. He emphasized that the decision for a leadership change aligns with the company's strategic moment of growth and long-term value creation.
Werner will focus on advancing Wolfspeed's strategic initiatives, including the milestones from the recent CHIPS PMT agreement, restructuring to improve profitability, and consistent sales growth. He also plans to explore options to enhance the company's value.
Lowe reflected on his tenure with pride, confident in Wolfspeed's continued leadership and execution of strategic priorities in the semiconductor technology sector.
Werner, who has been on Wolfspeed's Board since March 2006 and Chairman since October 2023, brings extensive experience from his time at SunPower (OTC:SPWRQ) Corporation (Nasdaq: SPWR) and other tech companies.
Wolfspeed is recognized for pioneering silicon carbide technology essential for next-generation semiconductor applications. The company's commitment is to leverage this technology to power significant global innovations.
This leadership announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. These include Wolfspeed's ability to realize long-term opportunities and achieve strategic goals, which are subject to various factors such as the CEO search timing, expansion plans, customer demand shifts, and funding acquisition under the PMT terms.
In other recent news, SunPower Corp has announced its filing for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code, as per an 8-K filing with the Securities and Exchange Commission. The filings, which include a comprehensive statement of financial affairs and asset schedules, reveal ongoing legal matters and investigations. Shareholders have been warned by SunPower about the speculative nature and high risk of trading its common stock during the bankruptcy proceedings. The company anticipates that equity holders may face a total loss of their investment due to the expected outcomes of the Chapter 11 process. The filing also includes forward-looking statements about the potential impacts of the bankruptcy on SunPower's operations and financial condition, with mentions of increased legal and professional costs, court rulings, and the overall outcome of the Chapter 11 cases. Factors such as securing court approvals, maintaining liquidity, managing employee retention, and addressing the delisting of its common stock from Nasdaq could influence the restructuring process and the company's future. The report ends on a cautionary note, highlighting the uncertainties in the bankruptcy process and the potential for actual results to differ materially from projections.
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