Cree CEO Swoboda Compensation Falls 13 Percent

9/10/17

By Addison Lalier, NC BIZ News

The chief executive officer of Durham-based Cree Inc. received a 13 percent decrease in total compensation during its 2017 fiscal year, according to a filing Friday with the Securities and Exchange Commission.

Charles M. Swoboda received $5.3 million in total compensation during the year, down from $6 million the year before.

Swoboda’s base salary remained at $785,000 between fiscal 2016 and 2017. Based on the financial and performance targets set and 2017 results, no annual cash based incentive award was achieved.

During the 2017 fiscal year, the lighting manufacturer reported revenue of $1.5 billion, down from $1.6 billion the year before.

Swoboda has been CEO since June 2001, and served as president since January 1999. He has held other various positions within the company, including: member of the board of directors, chairman, chief operating officer, vice president of operations and operations manager. Prior to Cree, Swoboda was employed by Hewlett-Packard Co.

In May 2017, Cree announced chief executive Swoboda will step down from his executive positions and as a member of the board of directors. Swoboda will stay with the company until a successor is appointed.

Michael E. McDevitt, the company’s executive vice president and chief financial officer, also received a 14 percent decrease in total compensation to $1.8 million in 2017 from $2.1 million the previous fiscal year.

McDevitt joined the company in 2002 and has served as executive vice president and CFO since 2013.

The company’s annual meeting will be held Oct. 24 in Durham.

Cree’s shares closed Friday at $23.85, down 63 cents.

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