All change at Wolfspeed as CEO steps down
Wolfspeed has announced that Gregg Lowe, who has led the company's transition to a pure-play SiC company, will depart this month from his roles as president and CEO and as a member of the board.
In the meantime, Thomas Werner, chairman of the board, has been appointed as executive chairman while the board works to identify Wolfspeed’s next CEO.
“On behalf of the full board, I would like to thank Gregg for his service and dedication to Wolfspeed,” Werner said. “Since joining the company as CEO in 2017, Gregg has spearheaded our transition into a leading, pure-play SiC 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.”
Werner added: “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 said, “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 SiC operator in the country to capitalise 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 SiC leadership in the years to come.”
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 Werner’s appointment as executive chairman, board member Stacy Smith was appointed as lead independent director.
Werner has been a member of the board since March 2006, and chairman since October 2023. He has served as the executive chairman of SunPower Corporation, a publicly traded solar cells and solar panel company, since February 2024, and as principal executive officer of SunPower from February 2024 until August 2024. Werner was Sunpower’s chairman from June 2010 to November 2021 and its CEO from June 2003 to April 2021. Prior to SunPower, he was CEO of Silicon Light Machines Corporation, an optical solutions subsidiary of Cypress Semiconductor, from July 2001 to June 2003. Earlier, Werner was VP and general manager of the Business Connectivity Group of 3Com Corporation, a network solutions company.
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