Durham-based Wolfspeed, a leader in silicon carbide semiconductor technology, is navigating a significant leadership transition as CEO Gregg Lowe prepares to step down at the end of the month. The company, known for its cutting-edge contributions to next-generation semiconductor solutions, announced the move in a press release Monday.
The Wolfspeed board of directors, in agreement with Lowe, decided this was the right time for a leadership change. Thomas Werner, chairman of the board, will step in as executive chairman while the search for a permanent CEO and president continues.
“Since joining the company as CEO in 2017, Gregg has led our transformation into a leading, pure-play silicon carbide company,” Werner stated. “The board has always been focused on driving long-term value, and at this time of change in Wolfspeed’s journey, the board has agreed that this is the right time for a leadership change.”
A Transformative Era for Wolfspeed
Lowe’s tenure at Wolfspeed marked a period of significant transformation. Under his leadership, the company pivoted to focus exclusively on silicon carbide technology, solidifying its position as a global leader in the semiconductor industry.
“I am honored to have had the opportunity to lead Wolfspeed and work alongside such talented and dedicated colleagues,” Lowe reflected in his statement. “Although there is still work to be done, I have high hopes that Wolfspeed will prioritize and expand its silicon carbide leadership in the coming years.”
The leadership change comes on the heels of a challenging financial decision. Last month, Wolfspeed announced a workforce reduction of 20% as part of a broader effort to streamline operations. The company expects approximately $195 million in revenue for the first quarter of 2025, slightly below the $197 million reported in the same quarter of 2024.
Steadying the Ship During Transition
As Wolfspeed seeks its next permanent CEO, Werner emphasized the company’s commitment to maintaining operational excellence and meeting customer demands.
“I have stepped into the role of Executive Chairman to keep Wolfspeed focused on fulfilling key priorities while the board searches for our next CEO,” Werner said. “I look forward to working closely with our highly engaged board and senior leadership team to oversee day-to-day operations.”
Looking Ahead
Wolfspeed’s transition comes during a pivotal time for the semiconductor industry, as global demand for silicon carbide technology continues to grow. The company’s innovations in this space position it to play a key role in meeting the needs of electric vehicles, renewable energy systems, and advanced industrial applications.
With the groundwork laid by Lowe and a strategic search underway for new leadership, Wolfspeed appears poised to navigate this transition and build on its legacy of technological innovation.
For more updates on Wolfspeed and the semiconductor industry, stay informed with The Bull City Citizen.
