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8 June 2018

Cree announces CFO transition plan

© Semiconductor Today Magazine / Juno PublishiPicture: Disco’s DAL7440 KABRA laser saw.

Cree Inc of Durham, NC, USA (which makes lighting-class LEDs, LED lighting and power semiconductors) has announced that executive VP & chief financial officer Mike McDevitt will retire from his executive positions following a transition period. He intends to stay on until a successor is appointed, after which he will remain available as a consultant to the company to during the transition of leadership responsibilities.

Since joining Cree in 2002, McDevitt has held numerous executive financial positions with the firm, helping to grow it from less than $200m to about $1.5bn in annual revenue, with about 6900 staff worldwide. McDevitt has served as CFO since May 2012.

“Mike has made significant contributions to the continued success of the company during his role as CFO, and we appreciate his dedication to helping us solidify and introduce the new business strategy,” comments CEO Gregg Lowe. “Now that we have made our pivot, we are gaining traction in the market with the new strategy and believe that we have collectively positioned the company to support our growth plans and achieve a successful future,” he adds.

“It is the appropriate time to begin this CFO transition as the team continues executing the new strategic direction going forward,” says McDevitt. “It has been a privilege working with Cree’s many talented employees and our board for the last 16 years, first driving the adoption of LEDs, then LED Lighting and more recently our Power and RF products,” he adds. “The company is on healthy financial footing to enable its future growth… I look forward to working with Gregg and the team to find our next CFO and to ensure a smooth transition.”

Cree also reaffirmed its business outlook for fiscal fourth-quarter 2018 (ending 24 June) - announced on 24 April - targeting revenue of $390-410m and non-GAAP net income of $5-9m ($0.05-0.09 per diluted share).

See related items:

Cree’s quarterly revenue driven by Wolfspeed’s SiC materials and Power & GaN RF devices

Cree acquires Infineon RF Power business for €345m

Cree signs $100m long-term deal to supply 150mm SiC wafers to Infineon

Cree’s growth in Wolfspeed Power & RF products and LED products offsets drop in Lighting revenue

Cree quarterly revenue rises despite Lighting Product sales falling and Wolfspeed capacity constraints

Cree’s quarterly revenue down 8% year-on-year

Cree’s quarterly revenue drop 15% as US commercial lighting sales fall 12% short of expectation

Cree and San’an forming Hong Kong-based JV to produce mid-power lighting-class packaged LEDs

Cree terminates sale of Wolfspeed to Infineon following CFIUS' national security concerns

Tags: Cree LED

Visit: www.cree.com

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