U.S. power chip maker Wolfspeed’s silicon carbide 200mm wafer is seen on display at Wolfspeed’s Mohawk Valley Fab in Marcy, New York, U.S., April 2022.Courtesy of Wolfspeed/Handout via REUTERS/File Photo
(Reuters) - Chipmaker Wolfspeed said on Thursday it appointed industry veteran Robert Feurle as its CEO, months after its board ousted former top boss Gregg Lowe.
Feurle, who has previously spent a decade in executive roles at Micron Technology, will succeed Thomas Werner effective May 1. Werner will return to his role as chairman.
Lowe was ousted in November without cause.
Feurle most recently served at European semiconductor firm ams-OSRAM AG as executive vice president of the company's Opto Semiconductor business unit. Prior to that, he served as general manager at chipmaking firm Infineon Technologies AG.
Wolfspeed has revamped its operations, including closing down some of its facilities last year, to boost its profitability amid slowing orders from the automotive, industrial and energy end markets.
"I feel very confident that we will be able to work through this transformative period to refresh the operating plan, improve financial performance and accelerate our path to positive free cash flow," Feurle said in a statement.
The company is also looking to capitalize on the growing demand for chips that are manufactured using silicon carbide technology. It has doubled down on a 200-millimeter silicon carbide fab, which improves efficiency and production capacity.
Shares of the Durham, North Carolina-based company slipped about 2% in early trading.
(Reporting by Kritika Lamba in Bengaluru; Editing by Sriraj Kalluvila)
