DURHAM, N.C. and MARCY, N.Y. — Gregg Lowe is out as president and CEO of Wolfspeed, Inc. (NYSE: WOLF), which operates a fabrication plant in Marcy, near Utica.
The company announced in a press release that Lowe will leave the role this month, also leaving his seat on the company’s board. The board, working with a global executive search firm, is already looking for a new CEO.
In the meantime, the board appointed board chair Thomas Werner as executive chairman while the search is under way. He will oversee the continued execution of Wolfspeed’s strategy in cooperation with the company’s senior leadership team. Stacy Smith was appointed as lead independent director.
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“On behalf of the full board, I would like to thank Gregg for his service and dedication to Wolfspeed,” Werner said in the press release. “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.”
Lowe was on hand in the spring of 2022 when Wolfspeed opened its 200 mm silicon-carbide fabrication facility in Marcy.
“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,” Lowe said. “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, who has served on the board since March 2006, said his goal as executive chairman is to keep the company focused on completing key priorities.
“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,” he said. “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 and unlock value.”
Headquartered in North Carolina, Wolfspeed manufactures silicon carbide used in semiconductors and power devices for industries including energy, transportation, industrial electronics, and communications.
