Wolfspeed, a chipmaker, has announced the appointment of Robert Feurle as its new CEO following the removal of Gregg Lowe by the board a few months ago. Feurle, an industry expert with experience at Micron Technology and ams-OSRAM AG, will take over from Thomas Werner on May 1. Werner will resume his position as chairman. Wolfspeed has been making changes to its operations, such as shutting down some facilities, to enhance profitability due to slow orders from various markets. Feurle expressed confidence in the company's ability to navigate this period of transformation, enhance financial performance, and accelerate the journey towards positive free cash flow. The company is focusing on the increasing demand for silicon carbide technology and has invested in expanding its silicon carbide fab for improved efficiency and production capacity. Shares of Wolfspeed, based in Durham, North Carolina, dipped approximately 2% during early trading.