When former CEO, Chuck Swoboda announced his resignation on 19 May, 2017, he stated, “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.” Yesterday, Cree announced Thomas Wessel as Senior Vice President of Global Sales and Marketing, where he will oversee sales and marketing for only two businesses, the Wolfspeed™ power and radio frequency (RF) and Cree LED components businesses.
No mention of Lighting.
Could the business that Al Ruud started be up for sale? We do not know. We have been told that Cree has recently moved more products into the former Ruud facility in Racine, WI. While this move has given confidence to employees it could be a plan to put all of the luminaires under one roof, making it easier to spin off.
Cree will announce their strategy in New York on Monday, 26 FEB at 9:00 a.m. EST. EdisonReport will monitor the call and publish the pertinent information real-time on our Twitter account.
Cree’s stock price has risen from $33.33 to $37.09 over the past five days.