Cree’s latest plan for its Wolfspeed business doesn’t include Frank Plastina, the division’s CEO.
The Durham-based LED lighting company, which last week pulled the plug on selling Wolfspeed to Germany-based Infineon for $850 million after the U.S. government raised objections because of national security concerns, disclosed in a filing with the Securities and Exchange Commission late Wednesday that it no longer needs a CEO for the division now that it is “reintegrating” the business into Cree.
As a result, Cree reported, Plastina has stepped down from his role as executive vice president and CEO of Wolfspeed and is leaving at the end of the company’s current fiscal quarter, which is March 26.
Plastina, former president and CEO of telecommunications company Tekelek, was named CEO of the Wolfspeed division in May 2015. At that time Cree was planning to spin off the power and radio frequency business into a separate publicly traded company, but it changed course when Infineon offered to buy the business.
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When the now-aborted Infineon deal was announced in July 2016, Plastina said he was committed to remaining with the business for at least a year after the deal closed to help with the "transition and the strategy execution."
The Wolfspeed business is based in Durham and has 550 employees. Its power components are used in computer servers and uninterruptible power supplies and for solar energy. Its radio frequency transistors and integrated circuits are used in radar and telecommunications systems.