Wolfspeed Announces Leadership Transition
Wolfspeed (NYSE: WOLF) announced a leadership transition as President and CEO Gregg Lowe will depart this month. Board Chairman Thomas Werner has been appointed as Executive Chairman while the company conducts a search for a permanent CEO. Under Lowe's leadership since 2017, Wolfspeed transformed into a pure-play silicon carbide company. Werner will oversee day-to-day operations, focusing on executing CHIPS PMT agreement milestones, completing restructuring initiatives to lower break-even point, accelerating profitability path, and delivering consistent sales growth. Board member Stacy Smith was appointed as Lead Independent Director.
Wolfspeed (NYSE: WOLF) ha annunciato un cambiamento nella leadership poiché il Presidente e CEO Gregg Lowe lascerà l'azienda questo mese. Il Presidente del Consiglio Thomas Werner è stato nominato Presidente Esecutivo mentre l'azienda cerca un CEO permanente. Sotto la guida di Lowe dal 2017, Wolfspeed si è trasformata in un'azienda pura di carburo di silicio. Werner si occuperà delle operazioni quotidiane, concentrandosi sull'esecuzione dei traguardi dell'accordo CHIPS PMT, completando le iniziative di ristrutturazione per abbassare il punto di pareggio, accelerando il percorso verso la redditività e garantendo una crescita costante delle vendite. Il membro del Consiglio Stacy Smith è stato nominato Direttore Indipendente Principale.
Wolfspeed (NYSE: WOLF) anunció una transición en la dirección, ya que el Presidente y CEO Gregg Lowe dejará la empresa este mes. El Presidente de la Junta, Thomas Werner, ha sido nombrado Presidente Ejecutivo mientras la empresa busca un CEO permanente. Bajo el liderazgo de Lowe desde 2017, Wolfspeed se transformó en una empresa especializada en carburo de silicio. Werner supervisará las operaciones diarias, enfocándose en la ejecución de los hitos del acuerdo CHIPS PMT, completando iniciativas de reestructuración para reducir el punto de equilibrio, acelerando el camino hacia la rentabilidad y logrando un crecimiento constante en las ventas. La miembro de la Junta, Stacy Smith, fue nombrada Directora Independiente Principal.
울프스피드 (NYSE: WOLF)는 회장 겸 CEO인 그렉 로우가 이번 달에 회사를 떠날 것이라고 발표했습니다. 이사회 의장인 토마스 웨너가 임시 의장으로 임명되었으며, 회사는 영구 CEO를 찾고 있습니다. 2017년부터 로우의 지도 아래 울프스피드는 순수한 실리콘 카바이드 회사로 변모했습니다. 웨너는 일상 운영을 감독하며 CHIPS PMT 계약 이정표 실행, 손익 분기점을 낮추기 위한 구조 조정 이니셔티브 완수, 수익성 경로 가속화, 일관된 매출 성장 실현에 중점을 둘 것입니다. 이사인 스테이시 스미스가 독립 이사로 임명되었습니다.
Wolfspeed (NYSE: WOLF) a annoncé une transition au sein de la direction, car le Président et CEO Gregg Lowe quittera l'entreprise ce mois-ci. Le Président du Conseil, Thomas Werner, a été nommé Président Exécutif tandis que l'entreprise recherche un CEO permanent. Sous la direction de Lowe depuis 2017, Wolfspeed s'est transformé en une entreprise spécialisée dans le carbure de silicium. Werner supervisera les opérations quotidiennes, en se concentrant sur l'exécution des jalons de l'accord CHIPS PMT, en complétant les initiatives de restructuration pour réduire le seuil de rentabilité, en accélérant le chemin vers la rentabilité et en assurant une croissance constante des ventes. Le membre du Conseil, Stacy Smith, a été nommé Directeur Indépendant Principal.
Wolfspeed (NYSE: WOLF) hat einen Führungswechsel angekündigt, da Präsident und CEO Gregg Lowe diesen Monat das Unternehmen verlassen wird. Der Vorsitzende des Aufsichtsrats, Thomas Werner, wurde zum Executive Chairman ernannt, während das Unternehmen nach einem festen CEO sucht. Unter der Leitung von Lowe, der seit 2017 im Amt ist, hat sich Wolfspeed in ein Unternehmen für reinen Siliziumkarbid entwickelt. Werner wird die täglichen Geschäfte überwachen und sich darauf konzentrieren, die Meilensteine des CHIPS PMT Vertrags umzusetzen, Umstrukturierungsinitiativen abzuschließen, um den Break-even-Punkt zu senken, den Weg zur Rentabilität zu beschleunigen und ein konstantes Umsatzwachstum zu gewährleisten. Das Vorstandsmitglied Stacy Smith wurde zur leitenden unabhängigen Direktorin ernannt.
- Company has secured CHIPS PMT agreement support
- Ongoing restructuring initiatives aimed at lowering break-even point
- Strategic positioning as the only pure-play vertically integrated silicon carbide operator in the country
- Unexpected CEO departure indicates potential internal challenges
- Current profitability concerns requiring acceleration efforts
- Company deemed 'materially undervalued' by leadership
- Restructuring needed to improve financial performance
- Gregg Lowe to Depart as President & CEO and as a Member of the Board of Directors
- Current Chairman Thomas Werner Appointed Executive Chairman
- Search Process Underway to Identify Permanent CEO
The Board has appointed Thomas Werner, Chairman of the Board, as Executive Chairman while the Board works to identify Wolfspeed’s next CEO. Mr. Werner will oversee the continued execution of Wolfspeed’s strategy in close alignment with Wolfspeed’s senior leadership team, the Board and the Board’s operations and finance committees. Following Mr. Werner’s appointment as Executive Chairman, Board member Stacy Smith was appointed as Lead Independent Director.
“On behalf of the full Board, I would like to thank Gregg for his service and dedication to Wolfspeed,” Mr. Werner said. “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. 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.”
Mr. Werner added, “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. I look forward to working closely with our highly engaged Board and senior leadership team to oversee day-to-day operations and ensure we continue to provide our customers with high-quality products. 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 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.”
Mr. Lowe said, “I am honored to have had the opportunity to lead Wolfspeed and work alongside such talented and dedicated colleagues. 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. 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.”
About Thomas Werner
Mr. Werner has been a member of the Board of Directors since March 2006, and has served as Chairman of the Board of the Company since October 2023. He has served as the Executive Chairman of SunPower Corporation (Nasdaq: SPWR), a publicly traded marketer of high-efficiency solar cells and solar panels, since February 2024, and served as Principal Executive Officer of SunPower from February 2024 until August 2024. Mr. Werner previously served as Sunpower’s Chairman of the Board of Directors from June 2010 to November 2021 and as its Chief Executive Officer from June 2003 to April 2021. Prior to SunPower, he served as Chief Executive Officer of Silicon Light Machines Corporation, an optical solutions subsidiary of Cypress Semiconductor Corporation, from July 2001 to June 2003. Earlier, Mr. Werner was Vice President and General Manager of the Business Connectivity Group of 3Com Corporation, a network solutions company.
About Wolfspeed, Inc.:
Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world’s most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. Through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications, we will bring you The Power to Make It Real.TM Learn more at www.wolfspeed.com.
X (formerly Twitter): @Wolfspeed
LinkedIn: @Wolfspeed
Wolfspeed® is a registered trademark and The Power to Make It Real™ is a trademark of Wolfspeed, Inc.
Forward-Looking Statements:
This press release contains forward-looking statements by Wolfspeed involving risks and uncertainties, both known and unknown, that may cause Wolfspeed’s actual results to differ materially from those indicated. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about Wolfspeed’s ability to capture long-term opportunities and execute on its strategy, as well as its ability to achieve milestones necessary to access funding. Actual results may differ materially due to a number of factors, including the timing of the CEO search; risks associated with Wolfspeed’s expansion plans; changes in customer demand; Wolfspeed’s ability to obtain additional funding or take other actions required under the terms outlined in the PMT; Wolfspeed’s ability to lower costs; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 30, 2024, and subsequent filings.
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Media Relations:
Bridget Johnson
Head of Corporate Marketing and Communications
847-269-2970
media@wolfspeed.com
Investor Relations:
Tyler Gronbach
VP, External Affairs
919-407-4820
investorrelations@wolfspeed.com
Source: Wolfspeed, Inc.
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