Wolfspeed, the Durham-based semiconductor manufacturer, named Robert Feurle as CEO, starting May 1. Predecessor Gregg Lowe, who had led the business since 2017, was fired late last year amid mounting losses.
The company is nearing completion of its $5 billion factory in Chatham County, one of the biggest capital investments in state history.
Feurle is executive vice president and general manager of the business unit Opto Semiconductors at ams-OSRAM Group, a company based in Austria. He previously worked for Micron, Infineon Technologies and Siemens. He leads more than 10,000 employees in his current job. He will succeed Wolfspeed Chairman Thomas Werner, who became interim CEO after Lowe’s departure.
Feurle’s job is to provide “operational excellence” and accelerate profitability, Wolfspeed said in a release. Wolfspeed had posted net losses of nearly $2 billion over the past four fiscal years.
“With all of the company’s competitive advantages, I feel very confident that we will be able to work through this transformative period to refresh the operating plan, improve financial performance and accelerate our path to positive free cash flow,” Feurle said in a release.
The new CEO’s compensation includes a $750,000 base salary; a sign-on bonus of $1 million if stays at least a year; $2.5 million in restricted stock units over four years; options of as much as $2.5 million; restricted shares worth $2 million and performance stock of $3 million.
Lowe had total compensation of about $12.4 million in 2023, according to the company’s proxy.
Wolfspeed shares declined 4% on Wednesday to $5.85. They have fallen 12% this year and traded between $4.66 and $30 over the past year. Shares traded for more than $100 in 2022.
The company is pushing for CHIPS Act funds approved last year during the Biden Administration. The Trump Administration has been critical of that effort, which was aimed at boosting domestic chip manufacturing.