Wolfspeed Strengthens Board with Industry Veterans Paul Walsh and Mark Jensen
Wolfspeed, Inc. (NYSE: WOLF), a global leader in silicon carbide technology, has announced the appointment of two seasoned directors, Paul Walsh and Mark Jensen, to its Board of Directors. Both appointees will serve as members of the Audit Committee, bringing extensive expertise in restructuring, finance, accounting, and the semiconductor industry. These appointments underscore Wolfspeed’s commitment to strengthening its leadership team as it navigates complex financial discussions and works toward optimizing its capital structure.
In addition to these new appointments, Wolfspeed revealed that Stacy Smith, a long-serving board member, will not stand for re-election and will step down prior to the company’s 2025 annual meeting of shareholders.
Adding Expertise to Navigate Challenges
The appointments of Walsh and Jensen come at a pivotal time for Wolfspeed as the company continues to engage with lenders to improve its balance sheet and secure long-term financial stability. According to Tom Werner, Chairman of the Board, “We are pleased to add two highly-qualified directors, Paul and Mark, to our Board. They both bring invaluable industry experience and deep expertise in accounting, finance, and restructuring.”
Werner emphasized that their backgrounds position them well to assist the Board and company in navigating ongoing lender discussions. He added, “Their guidance will be critical to our efforts in reaching an outcome that supports our long-term success.”
Paul Walsh: A Proven Leader in Finance and Semiconductors
Paul Walsh brings decades of financial leadership and semiconductor industry experience to Wolfspeed. Most recently, he served as Chief Financial Officer and Senior Vice President of Finance and Administration at Allegro Microsystems, a leading designer and developer of sensor integrated circuits (ICs) and application-specific analog power ICs, from 2014 to 2022. During his tenure, Walsh played a key role in driving Allegro’s growth and operational efficiency.
Before Allegro, Walsh held multiple senior finance roles at Silicon Laboratories, where he earned successive promotions, ultimately serving as Senior Vice President and CFO. His career also includes a stint as CFO of Rocket Software, further solidifying his reputation as a strategic financial leader.
Currently, Walsh serves on the boards of Kopin Corporation and Semtech Corporation, where he contributes his financial acumen and industry insights. His extensive background makes him a valuable asset as Wolfspeed addresses its financial challenges and seeks to enhance shareholder value.
Mark Jensen: A Finance and Accounting Powerhouse
Mark Jensen adds another layer of expertise to Wolfspeed’s Board with his deep knowledge of finance, accounting, and corporate governance. Jensen most recently served as U.S. Managing Partner of the Technology Industry at Deloitte from 2001 to 2012. In this role, he advised numerous technology companies on financial strategies, risk management, and operational improvements.
Prior to Deloitte, Jensen held senior executive positions, including Chief Financial Officer of Redleaf Group and Managing Partner at Arthur Andersen. His career is marked by a track record of helping organizations navigate complex financial environments and implement effective restructuring strategies.
Jensen currently sits on the boards of 23andMe and Lattice Semiconductor, where he provides strategic counsel on financial matters and industry trends. His expertise will be instrumental as Wolfspeed works to optimize its capital structure and drive sustainable growth.
Stacy Smith Steps Down After Years of Service
In related news, Stacy Smith, who has served on Wolfspeed’s Board since 2019, will not seek re-election and plans to leave the Board before the 2025 annual meeting of shareholders. Smith expressed pride in his contributions to the company, stating, “I am proud of the role Wolfspeed is playing in driving innovation and energy efficiency through its leadership in silicon carbide technology.”
Smith also highlighted the company’s importance to U.S. national security and praised the leadership of CEO Robert Feurle and Chairman Tom Werner. “Wolfspeed is in excellent hands,” he said, adding, “I’m grateful for my time serving on the Board of this critically important company.”
Chairman Werner thanked Smith for his dedication and service, particularly during his tenure as Lead Independent Director. “On behalf of the Board, I want to thank Stacy for his valued contributions to Wolfspeed,” Werner said. “We wish him the best in all of his future endeavors.”
A Strategic Move Toward Long-Term Success
The addition of Paul Walsh and Mark Jensen to Wolfspeed’s Board reflects the company’s proactive approach to addressing its financial and operational challenges. Their combined expertise in finance, accounting, restructuring, and the semiconductor industry will be crucial as Wolfspeed continues negotiations with lenders and works to strengthen its balance sheet.
At the same time, the departure of Stacy Smith marks the end of an era for the company. His contributions have been instrumental in guiding Wolfspeed through significant milestones, and his legacy will undoubtedly influence the company’s trajectory moving forward.
As Wolfspeed remains focused on improving its capital structure and driving innovation in silicon carbide technology, the expanded Board is well-positioned to support the company’s growth objectives. With a renewed leadership team and a clear strategic vision, Wolfspeed is poised to deliver long-term value to its shareholders while maintaining its position as a global leader in advanced semiconductor solutions.
