07:28 AM EST, 11/18/2024 (MT Newswires) -- Wolfspeed ( WOLF ) said Monday that Gregg Lowe will step down as its president and chief executive within the month.

Thomas Werner will transition to the executive chairman role from his position as chairman of the board, while the board conducts a search for Wolfspeed's ( WOLF ) new chief executive.

Shares of the company rose more than 5% in recent premarket activity Monday.

Price: 7.07, Change: +0.37, Percent Change: +5.52