Durham-based chipmaker Wolfspeed has named a new chief executive officer.
Robert Feurle will officially take the position of CEO on May 1, according to a Thursday news release.
Feurle, a citizen of both the United States and Germany, has more than 20 years of experience leading high-profile semiconductor companies, according to the company. Feurle will relocate to Durham for the job and work with interim executive chairman Thomas Werner for a “smooth transition,” according to the company.
“We are excited to welcome Robert to Wolfspeed to lead the Company into its next chapter. With a history of delivering significant operational enhancements and profitability improvements, and deep industry expertise, we are confident that Robert is the right individual to take the helm during this stage in the Company’s lifecycle. His history of driving success and operational excellence in each of his previous roles is a significant contributor to our decision to appoint him as CEO. The Board and I look forward to working closely with Robert to successfully navigate near-term market dynamics and ultimately position the Company for long-term value creation.”Thomas Werner, Wolfspeed interim executive chairman
He’ll be under pressure to boost a stock price that has been sagging and to nurture the relationship that the company has with the Trump administration. A critical federal grant worth tens of billions for the manufacture of semiconductor chips made by companies like Wolfspeed is a target of the Trump administration’s efforts to cut into the deficit. Trump called the CHIPs Act horrible during a speech to Congress this month, suggesting it should be cut.
“The relationship between Wolfspeed, silicon carbide and the White House is critical,” Werner said. “It’s likely the new administration will evolve the CHIPs Act.”
However, Werner said the CHIPs Act is not the only funding the company depends on.
“We are managing our company to not be over reliant on any of the above, to be able to run our operation successfully without necessarily getting those grants,” Werner said. “We would be able to accelerate our growth and employ more people, of course, with with both the tax credits and the chips act.”
In November, Wolfspeed announced that Gregg Lowe, the company’s former CEO and president, was stepping down. Lowe had been with Wolfspeed since 2017.
Lowe’s departure came as Wolfspeed eliminated hundreds of positions in a transition to production of higher-powered chips. In a presentation to investors at the end of 2024, Wolfspeed said it was planning a 20% reduction in its current headcount.
Reports show Wolfspeed missed revenue by $9 million in December.
A company spokesperson told WRAL News at the time that the majority of the cuts would be in North Carolina but declined to say in which divisions or which facilities. Wolfspeed has facilities in North Carolina and New York.
In August, Wolfspeed said it was closing a chipmaking plant at its Durham campus. Wolfspeed said it would keep its corporate headquarters and two material manufacturing facilities in Durham, and that it is moving ahead with plans to build a Chatham County factory.
In the hiring announcement, Feurle released the following statement:
“I am grateful for the opportunity to lead Wolfspeed during such a transformative period. During my tenure at Infineon, I became intimately familiar with the silicon carbide industry and saw firsthand Wolfspeed’s impressive leadership in the space. I believe we have just begun to scratch the surface of the vast potential of silicon carbide. Wolfspeed’s world-class facilities, exceptional talent, and robust intellectual property, position us to maintain and expand our market leadership.”
