Wolfspeed CEO Gregg Lowe Steps Down

By Tamara Parker • Monday, November 18 10:26 • Permanent Link

Wolfspeed (NYSE: WOLF) has announced a significant leadership transition, with Gregg Lowe departing from his roles as President and CEO, as well as a member of the board of directors. The current chairman, Thomas Werner, has been appointed as the executive chairman, and a search process is underway to identify a permanent CEO.

Since joining the company as CEO in 2017, Lowe has spearheaded the transition of Wolfspeed into a leading, pure-play silicon carbide company. This move has positioned the company well to capture long-term opportunities.

The board has emphasized its focus on driving long-term value and has agreed that this is the right time for a leadership transition. Werner, now serving as the executive chairman, will oversee the continued execution of Wolfspeed’s strategy in close alignment with the senior leadership team and the board.

In the wake of these changes, Wolfspeed remains committed to its strategic initiatives, including executing against the milestones outlined in its recent chips PMT agreement, completing restructuring initiatives to lower the break-even point and accelerate the path towards profitability, and delivering consistent sales growth.

Wolfspeed is also looking to unlock value, as it is considered materially undervalued relative to its strategic value. Werner will focus on driving the company’s priorities and working with the finance committee of the board to explore options to achieve this goal.

Thomas Werner, who has been a member of the board of directors since March 2006 and has served as chairman of the board since October 2023, brings with him a wealth of experience. He has previously served as the executive chairman of SunPower Corporation and as its chief executive officer.

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of silicon carbide technologies and is committed to powering a better world for everyone through its advanced semiconductor technology.

As the company moves forward with this leadership transition, the industry will be watching closely to see how these changes will impact Wolfspeed's performance and strategic direction in the coming quarters. Following these announcements, the company's shares moved 7.2%, and are now trading at a price of $7.18. For more information, read the company's full 8-K submission here.

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