Wolfspeed ousts CEO Gregg Lowe as slowing EV sales hit growth

Quick Summary:

:Chipmaker Wolfspeed said on Monday that its board ousted Gregg Lowe as its CEO without cause, amid growing challenges from slowing demand for electric vehicles, sending its shares up about 6 per cent.

It has also been struggling with slowing orders from the industrial and energy end markets.

The company also announced to lay off 20 per cent of its workforce on its latest post-earnings call.

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Article Details

Category: EconomyBusiness

Markets: SingaporeGermany

Topics: Lowe Shares Company Slowing Board Ensdorf Wolfspeed Demand Cent Gregg Germany

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-19 @ 03:02:36 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 353 words

Reading Time: 2 minutes read

Sentences: 15 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 23671364

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 37 posts per day

Year Established: 1999

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News Last Updated: 42 minutes ago

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