Cree CEO Chuck Swoboda Stepping Down From His Position

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%.