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Wolfspeed Expands Senior Leadership Team to Support Company Growth
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Wolfspeed, Inc. (NYSE: WOLF) has expanded its senior leadership team with the promotion of four Global Operations leaders—Tom Agron, Lisa Fritz, Adam Milton, and Missy Stigall—to enhance its capacity expansion plans. These changes reflect the company's rapid growth and commitment to innovation. CFO Neill Reynolds also sees an expansion in responsibilities to include procurement and backend operations. Additionally, Wolfspeed plans to build the world's largest 200mm Silicon Carbide fab in Saarland, Germany, as part of a $6.5 billion global capacity expansion plan. Rex Felton, SVP of Global Operations, will leave in March to focus on family.
Positive
Promotion of four leaders strengthens operational capacity and leadership.
Expansion of CFO's role indicates strategic growth management.
Plans for a new 200mm Silicon Carbide fab signal substantial investment in capacity and innovation.
Negative
Rex Felton's departure may cause temporary disruption in operations.
DURHAM, N.C.--(BUSINESS WIRE)--
Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology, today announced the expansion of the company’s senior leadership team (SLT) with the promotion of four Global Operations leaders, as part of its accelerated growth and capacity expansion plan.
Tom Agron is promoted to SVP, Global Expansion Operations;
Lisa Fritz is promoted to SVP, Global Quality;
Adam Milton is promoted to SVP, Global Materials Operations; and
Missy Stigall is promoted to SVP, Global Fab Operations.
All four leaders will report to Gregg Lowe, Wolfspeed president and CEO.
“Wolfspeed is growing at an unprecedented rate, and Tom, Lisa, Adam and Missy each made tremendous contributions in shaping the company we are today. These promotions demonstrate our continued commitment to enhancing our culture of innovation, quality and execution. I expect an even bigger impact from them in the years ahead,” said Lowe,
Additionally, Wolfspeed announced the expansion of CFO Neill Reynolds’ responsibilities to include procurement, planning and backend operations. Wolfspeed is announcing the following promotions to further support the company's accelerated expansion plan, each of whom will report to Mr. Reynolds:
Jeff Ferraro is promoted to SVP, Global Procurement and Planning;
Joe Roybal is promoted to SVP, Global Backend Operations; and
Kevin Speirits is promoted to SVP, Finance.
Earlier this month, Wolfspeed announced its plans to build the world’s largest and most advanced 200mm Silicon Carbide fab in Saarland, Germany. The new fab is part of the company’s previously announced $6.5 billion global capacity expansion plan, which also includes the John Palmour Manufacturing Center for Silicon Carbide, the world’s largest Silicon Carbide crystal growth facility currently under construction in North Carolina, and final build-out of the company’s Mohawk Valley Fab in New York.
Rex Felton, the company’s SVP of Global Operations, plans to leave Wolfspeed in March to spend more time with his family. “Rex has done an incredible job of putting the structures, processes and people in place that will allow our global operations to scale efficiently to meet our long-term growth plan, and we wish him the best of luck in his next chapter,” said Lowe.
About Wolfspeed, Inc.:
Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.
Forward Looking Statements:
This press release contains forward-looking statements by Wolfspeed involving risks and uncertainties, both known and unknown, that may cause Wolfspeed’s actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that Wolfspeed does not receive receiving funding from the European Union’s Important Projects of Common European Interest (IPCEI) framework for the Germany device fab; that Wolfspeed may encounter delays or other difficulties in constructing and/or ramping up production in its new device factory in Germany, its new Silicon Carbide crystal growth facility, or its Mohawk Valley Fab on time, at the projected costs, with the anticipated job creation and to the extent of the anticipated production levels or at all; the risk that Wolfspeed may be unable to manufacture its products with sufficiently low cost to offer them at competitive prices or with acceptable margins; the risk that demand for Silicon Carbide will not grow as Wolfspeed expects; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 26, 2022, and subsequent filings.
