Durham-based semiconductor chipmaker Wolfspeed will replace its CEO and president Gregg Lowe, the company’s board of directors announced Monday, concluding a seven-year tenure that saw Wolfspeed transform, expand, and more recently, struggle in a crucial technology sector.
“The Board has always been focused on driving long-term value,” Wolfspeed board chairman Thomas Werner said in a statement . “And at this inflection point in Wolfspeed’s journey, the Board agreed that this is the right time for a leadership transition.”
Lowe will leave the company this month. He has been one of the Triangle’s best paid executives, receiving $11.4 million in total compensation this year and $12.47 million in 2023 according to corporate financial filings. Werner will assum the role of executive chairman until a new CEO is found…