Wolfspeed falls after it names Robert Feurle as CEO

Wolfspeed (Pre-Reincorporation)

27/03/2025 19:22

Updates

** Shares of chipmaker Wolfspeed WOLF.N down 3.8% at $5.63

** The company names chip industry veteran Robert Feurle as its CEO effective May 1

** Feurle will succeed Thomas Werner, who will return to his role as chairman

** Feurle is a strong choice for CEO but not much can be done to help the stock near term, Charter Equity Research says

** Adds co's balance sheet and weak demand for silicon carbide remain challenges to the stock despite cost cuts and new management

** In November, co ousted top boss Gregg Lowe, without cause

** Up to last close, stock had fallen ~12% this year

 (Reporting by Kritika Lamba and Jaspreet Singh in Bengaluru)

 ((Kritika.Lamba@thomsonreuters.com))