DURHAM – Gregg Lowe, the new CEO at Durham-based Cree (Nasdaq: CREE), plans to transform the LED giant with greater reliance on and expectations for its Wolfspeed business.
He labeled Wolfspeed “a powerhouse” and projected that Wolfspeed would actually be the company’s top revenue producer in four years, climbing to more than $800 million in fiscal year 2022 from some $200 million in fiscal year 2017.
Cree just a year ago called off plans to sell Wolfspeed when federal regulators indicated the sale to Infineon would not be approved. Wolfspeed is a global leader in SiC Power, GaN Power
Lowe, who was named CEO last September, also said he intends to “fix the business” in referring to the lighting group.
As for LEDs, Lowe wants to “focus”where the firm’s technology is “differentiated” and “valued.”
Overall, Lowe told analysts Cree aims to grow revenue to $2.34 billion by fiscal year 2022 from $1.47 billion in fiscal year 2017.
In a presentation to Wall Street analysts, Lowe spelled out his plans, in part with a slide show. In total, Cree executives presented 67 slides.
You can see the entire slideshow online.