Wolfspeed CEO Transition Amid Restructuring

Wolfspeed, Inc. has announced the departure of CEO Gregg Lowe, who transformed the company from an LED lighting firm to a silicon carbide chipmaker over his seven-year tenure. Lowe's departure coincides with significant restructuring, including a 20% workforce reduction and the closure of a Durham chip plant, amid declining stock prices and sluggish demand from automotive customers. Thomas Werner, the current chairman, will serve as executive chairman while the company searches for a new CEO with the help of a global executive search firm. Despite the leadership change, Wolfspeed remains committed to its expansion plans in Chatham County and its agreement with the federal government for CHIPS Act funding. The board aims to unlock strategic value and drive long-term growth, as indicated by the appointment of Stacy Smith as Lead Independent Director. Lowe will receive severance, and his exit has led to a slight increase in Wolfspeed's share price.