Wolfspeed board terminates CEO Lowe

Reuters11-18

Nov 18 (Reuters) - Chipmaker Wolfspeed said on Monday that its board had removed Gregg Lowe as its CEO without cause, sending its shares up more than 4% in premarket trading.

Lowe's termination comes as the company deals with sluggish demand from automotive customers for its chips, with its shares down about 85% for the year. He has served as the company's CEO since 2017.

Lowe will receive severance payment as part of settlement, the company said in a filing.

Wolfspeed, which counts General Motors and Mercedes-Benz as its customers, said its board was conducting a search for a permanent CEO.

The company also named Chairman Thomas Werner as executive chairman.

Lowe did not immediately respond to a Reuters request for comment.

Wolfspeed had forecast quarterly revenue below Wall Street estimates earlier this month and said it would book $174 million in restructuring charges for the planned closure of a facility.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Anil D'Silva)

((Jaspreet.Singh@thomsonreuters.com; ))

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