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So the new CEO wants to make the most profitable part of the business a larger share and will put more money into that side of the business.

Durham's Cree takes big Wolfspeed pivot

Executives at Durham’s Cree (Nasdaq: CREE) announced a big corporate pivot Monday – one that puts more focus on its smallest, albeit most profitable, business unit: Research Triangle Park-based Wolfspeed.

The plan, CEO Gregg Lowe told analysts in a presentation, calls for quadrupling Wolfspeed’s revenue by 2022, and making the unit “our largest business."

What Lowe announced is a complete turnaround from that of his predecessor, Chuck Swoboda, who had intended to sell the business to Infineon to fund Cree's transition into a more focused lighting company.

“We’ll continue to expand Wolfspeed and focus most of our capital investments on Wolfspeed as we go forward,” Chief Finance Officer Mike McDevitt reiterated...
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