Wolfspeed looks for new CEO as Durham chipmaker continues strategic shift [Video]

Durham chipmaker Wolfspeed, which has seen its stock tumble amid a corporate strategy shift, is searching for a new chief executive.

The company said Monday that its board chose to terminate Gregg Lowe, who has been with the company since 2017 and has overseen the company’s transition to manufacturing high-powered silicone carbide chips aimed at improving the efficiency of machines and other devices.

Thomas Werner, chairman of the company’s board, will serve as executive chairman while the board searches for a permanent replacement for Lowe. The chipmaker said it has launched an executive search.

“Gregg has spearheaded our transition into a leading, pure-play silicon carbide company well-positioned to capture the long-term opportunities ahead,” Werner said in a statement. “The board has always been focused on driving long-term value, and at this inflection point in Wolfspeed’s journey, the board agreed that this is the right time for a leadership transition.”

Lowe …