WASHINGTON (dpa-AFX) - Cree Inc. (CREE) said that Chairman, President and CEO Chuck Swoboda will step down from his executive positions and as a member of the Board of Directors following a transition period. The Company also reaffirmed its business outlook for the fourth quarter of fiscal 2017 ending June 25, 2017.
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.
The Board of Directors will retain a leading executive search firm to identify a successor. Both internal and external candidates will be considered.
For the fourth quarter Cree still expects GAAP net loss in the range of $16 million to $22 million, or a $0.16 to $0.23 loss per share, Non-GAAP net income of $2 million to $7 million or $0.02 to $0.07 per share, Revenue of $340 million to $360 million.
Analysts polled by Thomson Reuters expect the company to report earnings of $0.04 per share and revenues of $349.86 million for the fiurth-quarter. Analysts' estimates typically exclude special items.
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