logo
Share SHARE
FONT-SIZE Plus   Neg

Cree Chairman And CEO Chuck Swoboda To Step Down

Cree Inc. (CREE) said that Chairman, President and CEO Chuck Swoboda will step down from his executive positions and as a member of the Board of Directors following a transition period. The Company also reaffirmed its business outlook for the fourth quarter of fiscal 2017 ending June 25, 2017.

Swoboda intends to 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 Board of Directors will retain a leading executive search firm to identify a successor. Both internal and external candidates will be considered.

For the fourth quarter Cree still expects GAAP net loss in the range of $16 million to $22 million, or a $0.16 to $0.23 loss per share, Non-GAAP net income of $2 million to $7 million or $0.02 to $0.07 per share, Revenue of $340 million to $360 million.

Analysts polled by Thomson Reuters expect the company to report earnings of $0.04 per share and revenues of $349.86 million for the fiurth-quarter. Analysts' estimates typically exclude special items.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Maternity leave is a temporary period of absence from employment granted to expectant or new mothers during the months immediately before and after their pregnancy. Parental leave, including maternity, paternity and adoption leave, is an employee benefit. Many countries around the world, including... Texas, the second largest state in the U.S., has four of the five fastest-growing cities in the U.S., according to new population estimates released Thursday by the U.S. Census Bureau for the twelve months up to July 1, 2016. Ten of the fifteen fastest growing large U.S. cities during that 12-month span were in the South, according to the Census Bureau. To book-lover's surprise, online retailer Amazon opened another bricks and mortar store in an upmarket shopping mall in New York. This is the seventh book store of Amazon.
comments powered by Disqus
Follow RTT