Use our mobile site at: m.ITbriefing.net    Follow ITbriefing.net: Follow ITbriefing on Twitter   Follow ITbriefing via Facebook   Follow ITbriefing via RSS 
Cree Announces CEO Succession Plan


 Tags:   News: IT at home                This was published: 19 May 2017 - 02:26 pm         Print article: Printer friendly page
          

Cree Announces CEO Succession Plan - on DefenceBriefing.net

Cree, Inc. (NASDAQ-NMS: CREE), a technology market leader, today announced that Chairman, President and CEO Chuck Swoboda will step down from his executive positions and as a member of the Board of Directors following a transition period. Mr. Swoboda intends to stay on until a successor is appointed, and thereafter will remain available as a consultant to the Company to ensure a seamless transition of leadership responsibilities.



The Board of Directors will retain a leading executive search firm to identify a successor. Both internal and external candidates will be considered.

Since joining Cree in 1993, Mr. Swoboda has held numerous executive positions with the Company, leading Cree from a near start-up to today’s technology market leader, with approximately 6,400 employees worldwide. Mr. Swoboda has served as a member of the Cree Board of Directors since 2000, as chief executive officer since 2001, and Chairman of the Board since 2005. In 2010, Mr. Swoboda was named Ernst & Young’s Entrepreneur of the Year for the Carolinas, and in 2013 he was named The Edison Report’s Lighting Industry Person of the Year. Cree was recognized as one of MIT Technology Review’s 50 Smartest Companies for 2014, and as one of Fast Company’s World’s 50 Most Innovative Companies in 2015.

Mr. Swoboda stated, “I have had the privilege of leading Cree for 16 years, which has been extremely rewarding both professionally and personally. My decision to change my work-life balance follows a recent medical issue, which was resolved, and which caused me to reevaluate my priorities.”

Mr. Swoboda added, “I believe that this is a good transition time for Cree as we have three core businesses poised to enter another phase of accelerated growth. I know that under its next CEO, Cree will continue to disrupt markets with new technologies and superior-performing products that deliver great value to our customers while consuming less energy. I look forward to working with the Cree Board to find the right leader and to ensure a smooth handoff to my successor.”

Robert A. Ingram, Lead Independent Director of the Cree Board of Directors, said, “The Board extends its deep appreciation to Chuck for his outstanding leadership over the past 16 years as CEO, and for his 24 years of service to Cree. During that time, his passion for the business and focus on innovation has helped transform industries and has enabled the Company to achieve an eight-fold increase in revenue.”

Mr. Ingram concluded, “Given Chuck’s decision, he and the rest of the Board agree that now is the right time to accelerate the process to identify a new CEO to lead Cree and further grow our three businesses. We look forward to Chuck’s continued leadership as we conduct our CEO search and transition.”

The Company today also reaffirmed its previously announced business outlook for the fourth quarter of fiscal 2017 ending June 25, 2017. As announced on April 25, 2017, for the fourth quarter Cree targets:

  • Revenue in a range of $340 million to $360 million.
  • GAAP net loss of $16 million to $22 million, or a $0.16 to $0.23 loss per diluted share.1,3
  • Non-GAAP net income in a range of $2 million to $7 million, or $0.02 to $0.07 per diluted share.1,2,3

1 Cree’s fourth quarter GAAP and non-GAAP targets include $3 million+/- of expenses related to non-recurring costs from the Company’s Lighting Products business right-sizing initiatives and joint venture start-up costs.
2 Targeted non-GAAP income excludes $23 million, net of tax, of expenses related to stock-based compensation expense and the amortization or impairment of acquisition-related intangibles.
3 The GAAP and non-GAAP targets do not include any estimated change in the fair value of Cree’s Lextar investment.

Article source - Business Wire, all right reserved. Copyright 2017
Trademarks, logos, pictures and other items may be copyright of firms mentioned in this article.




Further information:
Organisation name:    Cree, Inc."> <Property FormalName="PrimaryTwitterHandle" Value=";@CREE
Organisation stock symbol: NASDAQ:CREE


Latest stock price data for NASDAQ:CREE

 


Other related articles, tagged News: IT at home

· Logitech Files Annual Report on Form 10-K   (05/26/17)
· Cost Saving Opportunities for the Global Electronic Manufacturing Services Market: Technavio   (05/26/17)
· Verint to Announce First Quarter Results on Wednesday, June 7, 2017   (05/26/17)
· Advanced 3D Technology Setting New Standards for Digital Advertising, Says Infiniti Research   (05/26/17)
· North America Personal Care Electrical Appliances Market Report 2017 (2016-2022) - Research and Markets   (05/26/17)
· Impending Memorial Day Inclement Weather Poses Greater Safety Risks at the Beach   (05/26/17)
· Teledyne Defence & Space Awarded Contract to Supply Thousands of Filters and Diplexers for Space Payloads   (05/26/17)
· Kyocera DuraForce PRO Launches at T-Mobile, Now Available from Nation’s Four Leading Wireless Service Providers   (05/26/17)
· Asia Pacific 3D Display Market 2016-2022: 3D Display Market is Majorly Driven by the 3D TVs - Research and Markets   (05/26/17)
· Jamba Juice Joins Forces with Folds of Honor to Build a Brighter Future for Gold Star Military Families   (05/26/17)

>>>More articles  >>>

Latest tech videos:



· MoneyLion Enhances Product Line with New Suite of Tools to Help Consumers Manage and Improve Their Financial Health (2017-05-26 16:26)
MoneyLion Enhances Product Line with New Suite of Tools to Help Consumers Manage and Improve Their Financial Health - on DefenceBriefing.net

Mobile personal finance and consumer lending platform, MoneyLion, today launched new features designed to make the financial goals of its 1 million-plus users easier to achieve. As part of the launch, MoneyLion also redesigned its website and mobile app.


· NAAP Global Solutions Strengthens Its Global Channels Strategy Appointing Four-Systems Company Ltd, for the Distribution of NAAP Software in the Kingdom of Saudi Arabia (2017-05-26 16:06)
NAAP Global Solutions Strengthens Its Global Channels Strategy Appointing Four-Systems Company Ltd, for the Distribution of NAAP Software in the Kingdom of Saudi Arabia - on DefenceBriefing.net

NAAP Global Solutions, Ltd announced today that it has appointed Four-Systems Company as its Saudi Arabian channel for the promotion and commercialization of its Network Asset Management Software, NAAP.


· Kyocera DuraForce PRO Launches at T-Mobile, Now Available from Nation"s Four Leading Wireless Service Providers (2017-05-26 14:26)
Kyocera DuraForce PRO Launches at T-Mobile, Now Available from Nation’s Four Leading Wireless Service Providers - on DefenceBriefing.net

Kyocera International Inc., the leader in rugged mobile solutions, today announced that the Kyocera DuraForce PRO rugged smartphone is now available in T-Mobile retail stores nationwide and online through the company’s web site. With the launch, T-Mobile joins AT&T, Verizon Wireless and Sprint in offering the device nationwide. T-Mobile customers may purchase the Kyocera DuraForce PRO for $425.00, and the device includes a 2-year manufacturer’s limited warranty.


· Veterans with Brain Injuries to Be Helped by New Tech and Tools Selected at Department of Veterans Affairs Competition Co-Hosted by Optum (2017-05-26 14:26)
Veterans with Brain Injuries to Be Helped by New Tech and Tools Selected at Department of Veterans Affairs Competition Co-Hosted by Optum - on DefenceBriefing.net

Three teams representing technology companies and a veterans’ organization will pilot their ideas to help veterans with traumatic brain injuries.


· Ubisoft® Announces Far Cry® 5 is Coming to America"s Heartland on February 27, 2018 (2017-05-26 14:26)
Ubisoft® Announces Far Cry® 5 is Coming to America’s Heartland on February 27, 2018 - on DefenceBriefing.net

Today, Ubisoft® announced that gamers will experience the chaos, unpredictability and ferociousness of the Far Cry franchise with Far Cry® 5 on PlayStation®4 Pro computer entertainment system, PlayStation®4, the Xbox One family of devices, including Project Scorpio, and Windows PC. Set in America for the first time, in Montana, players will have total freedom to navigate this serene-looking yet deeply twisted world solo or entirely in two-player co-op as they fight for survival and freedom, when the game releases on February 27, 2018. Development for Far Cry 5 is being led by Ubisoft Montreal*.


· Xactly to Report First Quarter Fiscal 2018 Financial Results on June 8, 2017 (2017-05-26 14:26)
Xactly to Report First Quarter Fiscal 2018 Financial Results on June 8, 2017 - on DefenceBriefing.net

Xactly (NYSE: XTLY), a leading provider of cloud-based incentive solutions, today announced that it will release financial results for the first quarter fiscal 2018 ended April 30, 2017 following the close of the market on Thursday, June 8, 2017. The Company will host a corresponding conference call and live webcast at 1:30 p.m. Pacific Time on that day.


· InMoment Hosts NPS Best Practices Webinar with Bain & Co. June 22 (2017-05-26 14:06)
InMoment Hosts NPS Best Practices Webinar with Bain & Co. June 22 - on DefenceBriefing.net

On Thursday, June 22, InMoment will co-host a webinar with Bain & Co., titled: “NPS®: Avoiding Pitfalls and Ensuring Success with Net Promoter.” This webinar is part of InMoment’s continuing customer experience (CX) best practices educational content series, and is available at no cost to participants. Event and registration details follow:


· Propel Marketing Wins Local Media Association"s Best Digital Agency Award (2017-05-26 13:46)
Propel Marketing Wins Local Media Association’s Best Digital Agency Award - on DefenceBriefing.net

Propel Marketing, a leading national provider of digital marketing products and services for local businesses, was named Best Digital Agency in the 2017 Local Media Digital Innovation Contest.


· Kopin Corporation to Present at Baird Global Consumer, Technology & Services Conference (2017-05-26 13:46)

Kopin® Corporation (NASDAQ-NMS: KOPN), a leading developer of innovative wearable computing technologies and solutions, announced today management will present at the Baird Global Consumer, Technology and Services Conference on Thursday, June 8, 2017, at 12:50 PM ET at the InterContinental Hotel in New York City.


· Orion Announces Changes to Management Team; New Focus on Achieving Profitability; Temporarily Postpones May 26 Earnings Call (2017-05-26 13:46)
Orion Announces Changes to Management Team; New Focus on Achieving Profitability; Temporarily Postpones May 26 Earnings Call - on DefenceBriefing.net

Orion Energy Systems, Inc. (NASDAQ-NMS: OESX), a leading designer and manufacturer of high-performance, energy efficient LED lighting products, announced that its Board of Directors has restructured Orion’s management team with the directive to focus on achieving profitability while continuing to increase revenues.


· Les Cinémas Gaumont Pathé and Dolby to Launch Dolby Cinema in France and Expand Presence Throughout the Netherlands (2017-05-26 13:46)
Les Cinémas Gaumont Pathé and Dolby to Launch Dolby Cinema in France and Expand Presence Throughout the Netherlands - on DefenceBriefing.net

Les Cinémas Gaumont Pathé, the largest cinema chain operator in France, the Netherlands, and Switzerland, and Dolby Laboratories, Inc. (NYSE: DLB) announced plans to open 10 Dolby Cinema locations, with seven in France and three in the Netherlands. This includes Amsterdam and Rotterdam in the Netherlands, and the upcoming new Pathé cinéma in Massy, south of Paris. Initial locations are expected to be open by Fall 2017.


· Best Buy Announces Regular Quarterly Cash Dividend (2017-05-26 13:26)
Best Buy Announces Regular Quarterly Cash Dividend - on DefenceBriefing.net

The Board of Directors of Best Buy Co., Inc. (NYSE: BBY) has authorized the payment of a regular quarterly cash dividend of $0.34 per common share. The quarterly dividend is payable on July 6, 2017, to shareholders of record as of the close of business on June 15, 2017. The company had 306,618,092 shares of common stock issued and outstanding as of April 29, 2017.


· GTT to Present at Spring 2017 Investor Conferences (2017-05-26 13:26)
GTT to Present at Spring 2017 Investor Conferences - on DefenceBriefing.net

GTT Communications, Inc. (NYSE: GTT), the leading global cloud networking provider to multinational clients, will present at the following conferences in the next few weeks:


· NCR Ranks 19th in Barron"s 500 List of Top Performing Companies (2017-05-26 13:26)
NCR Ranks 19th in Barron’s 500 List of Top Performing Companies - on DefenceBriefing.net

NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions, today announced it has been ranked 19th in the 2017 edition of the Barron’s 500, up from 64th in 2016.




© Website copyright Incandore Limited 2012. All rights reserved. All content copyrights / trademarks remain the property of their respective owners.