- Signs for push-out forces
- After almost 16 years on the job
- Laud and praise for Swoboda
- Search for a successor
- Swoboda spoke at length and said 121 words
(exechange) — Durham, North Carolina, May 19, 2017 — Chuck Swoboda, chief executive of Cree, leaves. As announced by Cree, Inc. in a news release and in a regulatory filing published on Friday, May 19, 2017, Charles M. (Chuck) Swoboda leaves the post as Chief Executive Officer at the maker of lighting-class LEDs in a surprising move after almost 16 years on the job.
It is the end of an era.
Chuck Swoboda will step down from his executive positions and as a member of the Board of Directors following a transition period.
Cree will undertake a search for a successor.
“My decision to change my work-life balance follows a recent medical issue”
The management change is explained as follows. Swoboda said: “My decision to change my work-life balance follows a recent medical issue, which was resolved, and which caused me to reevaluate my priorities.”
Precise information about the future plans of Swoboda was not immediately available.
Cree announced “that it is accelerating its chief executive officer succession planning and Charles M. Swoboda will step down from his executive positions and as a member of the Board of Directors following a transition period”.
Share price decline
The change follows a decline in the share price of Cree, Inc. since October 2013.
On the job as CEO since 2001
Swoboda has served as the Company’s Chief Executive Officer since June 2001, as President since January 1999, as a member of the Board of Directors since October 2000 and as chairman since April 2005.
He was Chief Operating Officer of the Company from 1997 to June 2001 and Vice President for Operations from 1997 to 1999.
Prior to his appointment as Vice President for Operations, Swoboda served as Operations Manager from 1996 to 1997, as General Manager of the Company’s former subsidiary, Real Color Displays, Incorporated, from 1994 to 1996 and as LED Product Manager from 1993 to 1994.
He was previously employed by Hewlett-Packard Company.
Swoboda intends to stay on until a successor is appointed, and thereafter will remain available as a consultant to the Company to ensure a seamless transition of leadership responsibilities.
As a general rule, when a top leader announces to step aside with no successor in place, it’s a signal that the move was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Chuck Swoboda’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 21.2017 ($).