Two executives of Qorvo Inc., a semiconductor company, sold thousands of dollars of company stock on Friday, according to two filings with the Securities and Exchange Commission.
Robert Bruggeworth, the president and chief executive officer of Qorvo, sold 5,000 shares at $73.37 a share, for a total value of $366,850. Bruggeworth now owns 202,344 shares of Qorvo stock worth more than $14.8 million.
Steven Creviston, the vice president and president of mobile products, sold 6,000 shares at $73.37, for a total value of $440,220. Creviston now owns 106,725 shares worth more than $7.8 million.
Qorvo designs, manufactures and supplies radio-frequency systems use in smartphones and wireless infrastructure, as well as foundry services. The company was created in 2015 with the merger of TriQuint Semiconductor and RF Micro Devices.
The company notified employees Monday that the company will begin a “targeted workforce reduction” program to help the company improve its cost structure, according to the Triad Business Journal.
Brent Dietz, the company spokesperson, told the Business Journal that the reduction plans are a “normal process” and “not in response to any particular event.”
Bruggeworth has been president and chief executive officer since the founding of Qorvo in 2015. Formerly, he was the president and chief executive officer of RF Micro Devices since 2002 and worked for the company since 1999.
Creviston has been the vice president and president of mobile products since 2015. Previously, he was the president of cellular products at RF Micro Devices since 2004.
Qorvo is trading at $73.77, down 0.7 percent from market close on Monday.