Cree, Inc. Chief Executive Chuck Swoboda will step down after 16 years in the position, the provider of LEDS and other lighting products said Friday. Swoboda will remain at the company until a new CEO is named and will be available as a consultant to the company following that. "My decision to change my work-life balance follows a recent medical issue, which was resolved, and which caused me to reevaluate my priorities," Swoboda said. The company reaffirmed its fourth-quarter business outlook for revenue of $340 million to $360 million and adjusted earnings per share between 2 cents and 7 cents. Shares of Cree have fallen 18% in the past three months, while the S&P 500 has gained 1%.
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