Wolfspeed Expands Board of Directors with the Appointment of Two Highly Experienced Leaders
Wolfspeed, a leading innovator in silicon carbide technology, has announced the appointment of two distinguished industry veterans, Paul Walsh and Mark Jensen, to its Board of Directors. The announcement comes at a time of strategic growth for the company as it continues to solidify its leadership position in the global semiconductor market. Both Walsh and Jensen will play vital roles as members of the Company’s Audit Committee, where their extensive expertise in finance, accounting, and corporate governance will be leveraged to guide Wolfspeed through its ongoing business challenges and opportunities.
A Strategic Move to Strengthen Leadership
Tom Werner, Chairman of the Board of Wolfspeed, expressed his enthusiasm regarding the new appointments, noting that the addition of both Walsh and Jensen brings a wealth of knowledge and deep expertise to the company’s governance team. Werner stated, “We are pleased to add two highly-qualified directors, Paul and Mark, to our Board. They both bring invaluable industry experience and deep expertise in accounting, finance, and restructuring. Their backgrounds position them well to help the Board and Company navigate ongoing discussions with lenders and reach a comprehensive solution to address our balance sheet.”
The company is currently in discussions with various stakeholders, including lenders, as it works to strengthen its balance sheet and position itself for sustained long-term growth. Wolfspeed is actively pursuing a comprehensive solution to its financial structure, and guidance from both Walsh and Jensen will be critical to the Company’s ability to reach a favorable outcome. These efforts are part of Wolfspeed’s broader strategy to continue its leadership in silicon carbide and advanced materials for the electric vehicle, renewable energy, and telecommunications sectors.
“We continue to make meaningful progress in these negotiations, and we believe that the guidance of both Paul and Mark will be pivotal in helping us reach an outcome that supports Wolfspeed’s long-term success,” Werner continued.
Paul Walsh: A Proven Leader in Finance and Corporate Strategy
Paul Walsh brings a wealth of leadership experience to Wolfspeed’s Board of Directors. Most recently, he served as the Chief Financial Officer (CFO) and Senior Vice President of Finance and Administration at Allegro Microsystems, a global leader in the design and manufacturing of integrated circuits (ICs) and power management solutions. During his tenure at Allegro Microsystems from 2014 to 2022, Walsh played an instrumental role in managing the company’s financial operations, driving its growth, and positioning it as a leader in the semiconductor industry.
Prior to his time at Allegro Microsystems, Walsh was the CFO of Rocket Software, a provider of enterprise software solutions, and he also held multiple senior financial roles at Silicon Laboratories, a company known for its analog and mixed-signal semiconductor solutions. His career at Silicon Laboratories culminated in his role as Senior Vice President and Chief Financial Officer, where he was responsible for overseeing all financial aspects of the company’s operations.
In addition to his deep financial background, Walsh has extensive experience working with high-growth technology companies. He currently serves on the boards of two publicly traded companies: Kopin Corporation, a leader in wearable technologies, and Semtech Corporation, a provider of analog and mixed-signal semiconductors.
With Walsh’s vast experience in corporate finance, strategy, and public company governance, Wolfspeed is poised to benefit from his insights and strategic guidance as it navigates its path forward.
Mark Jensen: A Veteran in Finance, Accounting, and Corporate Governance
Mark Jensen also joins Wolfspeed’s Board of Directors with a wealth of experience in corporate finance and accounting. Jensen has a long and distinguished career in the financial services industry, having served as the U.S. Managing Partner for Deloitte’s Technology Industry practice from 2001 to 2012. In this role, he provided strategic counsel to numerous technology companies, helping them address complex financial challenges, optimize their operations, and create shareholder value. His leadership at Deloitte was marked by a deep understanding of the technology sector, including semiconductor companies, which aligns well with Wolfspeed’s business model and strategic objectives.
Before joining Deloitte, Jensen held senior leadership positions in both the corporate and professional services sectors. He served as the Chief Financial Officer (CFO) of Redleaf Group, a company specializing in technology and healthcare, and was also the Managing Partner at Arthur Andersen, where he provided accounting and advisory services to a wide range of clients. Jensen’s unique combination of corporate leadership and financial expertise makes him a highly valuable addition to Wolfspeed’s Board of Directors.
In addition to his career in finance, Jensen currently serves on the boards of several publicly traded companies, including 23andMe, a leader in direct-to-consumer genetic testing, and Lattice Semiconductor, a provider of programmable logic devices. His experience on the boards of these high-growth technology companies will provide valuable insights as Wolfspeed looks to continue its growth and expand its presence in the global semiconductor market.
A Time of Transition: Stacy Smith to Depart Wolfspeed’s Board
In addition to welcoming Paul Walsh and Mark Jensen, Wolfspeed also announced that Stacy Smith will not stand for re-election to the Board of Directors and will leave the Board prior to the Company’s 2025 Annual Meeting of Shareholders. Smith, who has been an integral part of Wolfspeed’s governance structure, expressed his gratitude for the opportunity to serve the company.
In a statement, Smith remarked, “I am proud of the role Wolfspeed is playing in driving innovation and energy efficiency through its leadership in silicon carbide technology. I’m grateful for my time serving on the Board of this company that is critically important to U.S. national security. Wolfspeed is in excellent hands with its new CEO, Robert Feurle, and the entire Board under Tom Werner’s tireless and capable leadership.”
Smith’s decision to step down from the Board marks the end of an era for the company, as he has been a key figure in Wolfspeed’s governance. He served as the Lead Independent Director and made significant contributions to the company’s strategic direction during his tenure. Tom Werner, Chairman of the Board, offered a heartfelt thank you to Smith for his years of service, highlighting his contributions to the company’s growth and leadership in the semiconductor industry.
“On behalf of the Board, I want to thank Stacy for his dedicated service and valued contributions to Wolfspeed during his tenure, particularly during his time as Lead Independent Director. We wish him the best in all of his future endeavors,” Werner concluded.
A Bright Future Ahead for Wolfspeed
The appointments of Paul Walsh and Mark Jensen come at a pivotal time for Wolfspeed. As the company continues to lead the charge in the development of silicon carbide technology, which is critical for high-performance semiconductors used in electric vehicles, renewable energy, and 5G telecommunications, the expertise of its Board of Directors will be instrumental in guiding the company through the next phase of its growth.
The continued success of Wolfspeed’s innovative products and solutions will depend on a combination of strong leadership, strategic financial management, and continued investment in cutting-edge technology. With the addition of Walsh and Jensen to the Board, Wolfspeed has strengthened its leadership team, ensuring that it has the right mix of financial acumen and industry expertise to navigate the complex challenges facing the global semiconductor market.
As the company advances its mission to build the future of energy-efficient technology, the guidance and experience of Walsh, Jensen, and the rest of Wolfspeed’s leadership team will be crucial in ensuring the company remains at the forefront of innovation in the semiconductor industry. Their collective expertise will help Wolfspeed successfully navigate any challenges that arise and continue to drive the global transition to sustainable energy solutions.
Wolfspeed’s announcement of the appointment of Paul Walsh and Mark Jensen to its Board of Directors is a clear indication of the company’s commitment to strengthening its leadership and governance as it moves forward with its strategic initiatives. These two highly experienced industry veterans bring a wealth of knowledge in finance, accounting, and corporate governance, positioning Wolfspeed to continue its leadership in silicon carbide technology and the broader semiconductor industry.
As the company enters a new chapter in its growth, the departure of Stacy Smith from the Board signals a transition in leadership, but it is one that comes with a strong foundation built by his contributions. With the guidance of its new board members, Wolfspeed is well-positioned to address its financial challenges and pursue its long-term vision for success in the global semiconductor market.
Wolfspeed’s ability to innovate and lead in its field will be critical to the development of next-generation technologies that drive the future of clean energy and sustainable technology. With a strengthened Board and an unwavering focus on its mission, Wolfspeed is set to continue leading the way in the silicon carbide market for years to come.
