Gregg Lowe ousted as Wolfspeed CEO
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Gregg Lowe is to step down as President & CEO at Wolfspeed and as a Member of the Board of Directors later this month.
Current Chairman Thomas Werner will act as Executive Chairman during the search process to find a new chief executive.
Despite a potential $2.4bn injection of funds as part of the UK CHIPS and Science Act, Wolfspeed had been struggling with its transition to pure 200mm manufacturing of silicon carbide wafers and devices. In the last month the company has cut 1000 jobs and was targeted by an activist investor earlier this year.
“On behalf of the full Board, I would like to thank Gregg for his service and dedication to Wolfspeed,” said Werner. “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.”
“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.”
Lowe joined the company, then called Cree in 2017, having been CEO at Freescale, selling off various parts o the business, including a failed attempt to sell Wolfspeed to Infineon Technologies.
“I am honoured 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.”
Werner has been Chairman of the Board of the Company since October 2023 and is Executive Chairman of solar cell maker SunPower. He was previously CEO of Silicon Light Machines, an optical solutions subsidiary of Cypress Semiconductor, from July 2001 to June 2003.
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