Cree, Inc. Announces Expansion of Operations Leadership Team | Financial Buzz

Cree, Inc. Announces Expansion of Operations Leadership Team

Cree, Inc. (Nasdaq: CREE), the global leader in Silicon Carbide (SiC) technology through its Wolfspeed business, today announced the expansion of the operations leadership team as part of the Company’s accelerated growth and capacity expansion plans and planned retirement of Rick McFarland, Cree’s Senior Vice President of Global Operations, in the Summer of 2022.

Rex Felton, currently directing the construction of the company’s new silicon carbide facility in Marcy, NY, will now oversee the company’s fab operations, planning functions and quality efforts reporting to Cree CEO Gregg Lowe. McFarland will continue to lead the company’s materials and back end operations along with facilities and procurement activities through the first half of 2022 and assist Felton with the transition.

“As we continue to drive the industry’s transition from silicon to silicon carbide, it is critically important that we continue to scale our operations to meet the growing needs of our customers. Rick has done an incredible job of helping us position the company for long-term growth and improve performance across our operations footprint. We appreciate his willingness to support an orderly transition prior to his retirement and we believe Rex is the perfect leader for the organization going forward,” said Lowe.

Felton joined Cree in 2019 and currently serves as Senior Vice President of Fab Operations. Prior to joining Cree, he served as Vice President of Powertrain Electronics Operations at Delphi Technologies where he was responsible for powertrain electronics, electrification manufacturing facilities, and associated support functions. Prior to Delphi, Mr. Felton was Senior Wafer Fab Manager for Texas Instruments’ three Dallas fabs and the Operations Fab/Assembly Test Site in Chengdu, China. Mr. Felton was also General Manager for DMOS 5, TI’s largest fab in terms of size and volume, and home to the company’s most advanced ICs for analog, logic, and embedded memory.

On a related note, the company also has appointed Missy Stigall as the new Vice President of Fab Operations based in North Carolina, reporting directly to Felton. She joins Cree with more than 20 years of engineering and people leadership experience at Texas Instruments. As a former factory and site manager for a high-volume wafer fab, she possesses extensive expertise in overseeing large-scale manufacturing operations. In this role, she pioneered and managed high visibility, global projects in collaboration with executive leadership and cross-functional teams while also orchestrating a high-performing workforce.

About Cree, Inc:

For more than 30 years, the company has served as the global leader in silicon carbide technology and production, leading the worldwide transition from silicon to silicon carbide. Customers leverage the Wolfspeed® product portfolio for disruptive technology solutions that support a more efficient, sustainable future including electric vehicles, fast charging, 5G, power supplies, renewable energy and storage, as well as aerospace and defense. Our people are dedicated to driving a significant shift in the technology sector and creating a global semiconductor powerhouse. For additional product and Company information, please refer to www.cree.com.

Forward Looking Statements:

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that we may encounter delays or other difficulties in ramping up production of our capacity; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 28, 2020, and subsequent filings.

Cree® and Wolfspeed® are registered trademarks of Cree, Inc.

Contacts

Media Relations Contact:

Claire Simmons

Cree, Inc.

Director of Public Relations

csimmons@cree.com

919-407-7844

Investor Relations Contact:

Tyler Gronbach

Cree, Inc.

Vice President, Investor Relations

Phone: 919-407-4820

investorrelations@cree.com

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