DURHAM, N.C. - Wolfspeed, Inc. (NYSE: NYSE:WOLF), a leader in silicon carbide technology, announced the nomination of Thomas Seifert and Woody Young to its Board of Directors. The company's shareholders will vote on these nominations at the Annual Meeting on December 5, 2024.
Thomas Seifert brings a wealth of financial expertise to the table, currently serving as the CFO of Cloudflare (NYSE:NET), Inc. since June 2017. His experience spans across various technology and semiconductor companies, including Symantec Corporation (NASDAQ:GEN), Brightstar Corp., and Advanced Micro Devices (NASDAQ:AMD) Inc. Seifert also holds a board position at First Derivatives plc.
Woody Young offers over three decades of investment banking experience, most recently as President and Board member of Solidigm until August 2023. His previous roles include Chairman of Mergers and Acquisitions at Perella Weinberg Partners LP and leadership positions at Lazard (NYSE:LAZ), Merrill Lynch, and Lehman Brothers. Young is also on the Board of Frontier Communications (OTC:FTRCQ) Parent, Inc. (Nasdaq: FYBR).
The nominations follow a recent update on the company's capital structure in line with the CHIPS Act. "We are delighted to nominate Thomas Seifert and Woody Young for election to the Wolfspeed Board of Directors," said Thomas Werner, Chair of the Wolfspeed Board. He expressed confidence that the nominees would contribute significantly to the company's strategic and operational goals.
The upcoming board changes also mark the retirement of long-standing board members Clyde R. Hosein and John B. Replogle, who have been with the board since 2005 and 2014, respectively. Werner thanked them for their service and dedication to Wolfspeed.
Wolfspeed is recognized for pioneering silicon carbide semiconductor technology and is committed to advancing innovations in various applications. This announcement is based on a press release statement and aims to provide shareholders and the market with the latest developments in the company's governance.
In other recent news, Frontier Communications has faced significant developments. The company reported a 2% revenue increase in its Q2 2024 earnings call, reaching $1.48 billion, along with a 5% growth in EBITDA. Despite a net loss of $123 million, Frontier's operational cash flow remained strong at $374 million. Meanwhile, Cooper Investors has voiced opposition to Verizon Communications Inc (NYSE:VZ).'s proposed acquisition of Frontier, arguing that the offer price significantly undervalues the company. The investment firm, which manages around $7 billion in assets, has urged other stockholders to vote against the proposed transaction. Furthermore, Frontier has been downgraded to Neutral by Citi, TD Cowen, and MoffettNathanson, following the announcement of Verizon's acquisition plans. In addition, Frontier secured over $23 million in grants to expand high-speed fiber broadband service in California's San Bernardino and Riverside counties, aligning with the state's 'Broadband For All' initiative. These are the recent developments for Frontier Communications.
InvestingPro Insights
As Wolfspeed announces new board nominations, it's worth noting that one of the nominees, Woody Young, is on the board of Frontier Communications Parent, Inc. (Nasdaq: FYBR). Recent data from InvestingPro sheds light on FYBR's financial position and market performance.
Despite facing some financial challenges, FYBR has shown impressive market performance. InvestingPro data reveals that FYBR has delivered a strong return over the last three months, with a 27.17% price total return. Even more striking is the company's one-year price total return of 108.1%, indicating significant investor confidence in the long term.
However, InvestingPro Tips highlight some potential concerns. The company operates with a significant debt burden, and its short-term obligations exceed liquid assets. Additionally, analysts do not anticipate the company will be profitable this year. These factors may influence Young's perspective and experience as he potentially joins Wolfspeed's board.
It's important to note that FYBR does not pay a dividend to shareholders, which aligns with its current focus on growth and managing its financial obligations. The company's market cap stands at $8.89 billion, reflecting its substantial presence in the telecommunications sector.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for FYBR, providing a deeper understanding of the company's financial health and market position.
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