Cree CEO Swoboda plans to step down

(Pete Souza)

Cree has announced that longtime CEO Chuck Swoboda will step down from his position as soon as a newly-launched executive search lands a new CEO. The company said the board of directors will retain a top executive search firm to begin the process that will consider both internal and external candidates. Swoboda led Cree from what the company described as near startup stage to a leadership position in packaged LEDs and in finished solid-state lighting (SSL) products for the general illumination space. Swoboda will continue in a consultative role with Cree after the new CEO is on board. Swoboda joined Cree in 1993, joined the board of directors in 2000, became CEO in 2001, and assumed the role of chairman of the board in 2005. The company has grown to employ around 6400 employees globally under Swoboda.