Cree Inc., the Durham-based LED lighting company, has appointed Gregg Lowe as president, chief executive officer, effective Sept. 25, according to a press release.
Lowe will succeed Chuck Swoboda, who will remain a member of the board of directors until the company’s Oct. 24 annual meeting.
Lowe has served as chief executive officer and president at Freescale Semiconductor. Before that, he was senior vice president and leader of the analog business for Texas Instruments.
“Gregg is an exceptional leader and a proven visionary in the semiconductor industry. We are proud that he has accepted the CEO position and is prepared to lead this innovative, technology-rich company into the future,” said Robert Ingram, newly appointed chairman of the Cree board.
Lowe holds a bachelor of science degree in electrical engineering from the Rose-Hulman Institute of Technology, where he received the Career Achievement Award for his work in the semiconductor industry and with community service.
Swoboda had been CEO since 2001 and chairman since 2005.
Cree stock currently is trading at $25.43, up 45 cents, on Monday morning.