On Friday it appears to be a bad day to own the shares in wolf (New York: Wolf) – It seems that no one knows the reason.
Thursday evening, silicone carbide maker Semiconductor chips Energy transfer announced that it had chosen the veteran in the chip industry, Robert Fiorle, who was previously working in companies like Micron technologyInfineon Technologies, and recently, AMS OSRAM, to become its new CEO, to replace the interim CEO Thomas Werner (who will continue in his role as the Chairman of the Council).
The company had no other news about the observation – but as of 10:30 am East time, Wolfspeed's share decreased by 49.5 %.
Can Feurle be so unlucky that giving him the job of the CEO is sufficient to reduce the price of the Wolfspeed share in half? It seems unlikely. Also, as previously observed, Wolfspeed suddenly throws Werner for some of the violations that are just discovered. It has already remained in the company's upper function. And the transition in driving does not occur in the rush; It does not apply until May 1.
All the things that have taken into account, this seems to be a good transition, four months after the last official CEO of the company, Gregg Lowe, is canceled from his position. Even Feurle said all the right things while accepting the new mission: “With all the company's competitive advantages, I feel very confident that we will be able to work during this transformative period to update the operating plan, improve financial performance and speed up our way to a positive free cash flow.”
All this is said, one must indicate that the new Feurle function will not be a corridor. He takes over a company worth of $ 850 million in the market, but with $ 6.6 one billion In debt. The company that lost more than its market ceiling last year, which burns through $ 1.3 billion per year, and this only He has $ 1.4 billion cash in the bank.
Perhaps, only, what does not bother investors today is the choice of the new CEO. Perhaps they are annoyed by the wolf stock itself.
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