Cree Says CEO Chuck Swoboda to Step Down

Cree shares were up almost 2% Friday morning after the technology company said CEO Chuck Swoboda will step down following a transition period. Swoboda will stay on until a successor is appointed, and thereafter will remain available as a consultant to the company to ensure a seamless transition of leadership responsibilities.

The company said it will retain an executive search firm to identify a successor. Both internal and external candidates will be considered. The company on Friday also reaffirmed its outlook for the Q4 ending June 25. As announced on April 25, for Q4 Cree targets revenue in a range of $340 million to $360 million, and non-GAAP EPS in the range of $0.02 to $0.07 per share.

By Celina Yao