Robert Feurle
WOLFSPEEDAbout Robert Feurle
Robert A. Feurle, 55, is Chief Executive Officer and a director of Wolfspeed, Inc. (WOLF) since May 1, 2025. He holds a degree in Electrical Engineering from the University of Applied Sciences in Konstanz, Germany, and has led semiconductor businesses at ams-OSRAM, Infineon, Micron, Qimonda, and Siemens, bringing deep power/optical device and operations experience to WOLF . Under Feurle’s early tenure, Q1 FY26 revenue was approximately $197 million as the company emerged from Chapter 11 and refocused on 200mm SiC manufacturing; fiscal 2025 revenue was ~$758 million with negative GAAP gross margin amid underutilization at Mohawk Valley and Siler City fabs . He certified WOLF’s Q1 FY26 10-Q (SOX 302 and 906), underscoring accountability for reporting and internal controls .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ams-OSRAM AG | EVP & GM, Opto Semiconductors; Executive Committee member | Mar 2022–Apr 2025 | Led opto semis unit and sat on Executive Committee |
| ams-OSRAM AG | EVP & GM, Image Sensor Solutions | Jul 2020–Mar 2022 | Ran image sensor business |
| Infineon Technologies AG | VP & GM, Integrated Solutions & Discretes | Nov 2015–Jun 2020 | Managed discrete/IS businesses |
| Micron Technology, Inc. | VP Marketing & Program Mgmt, Compute & Networking | Apr 2009–Nov 2015 | Led marketing/programs for C&N BU |
| Qimonda AG | SVP & GM, DRAM BU; then Graphics DRAM BU | Dec 2005–Mar 2009 | GM roles across DRAM segments |
| Infineon Technologies AG | Director Embedded DRAM Dev.; Sr Director Specialty DRAM | Aug 1999–May 2005 | Product and dev leadership |
| Siemens AG | Early career roles | Began 1996 | Engineering foundation |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No other public company directorships disclosed |
Board Governance and Service
- Feurle has served as CEO and director since May 2025; the Board has seven members, six of whom are independent; Feurle is not independent due to his executive role .
- Chair of the Board is Anthony M. Abate (independent). Committees (Audit, Compensation, Governance & Nominations) are composed solely of independent directors; as CEO, Feurle serves on none .
- Board held 28 meetings in fiscal 2025; independent directors hold executive sessions after each regular meeting .
- Employees are not separately compensated for board service (Feurle receives no director retainers) .
- Dual-role implications: CEO + Director structure is balanced by an independent Chair and fully independent committees, which mitigates concentration of power and preserves oversight .
Fixed Compensation
| Element | Detail | Timing/Vesting | Source |
|---|---|---|---|
| Base salary | $750,000 | Effective on appointment (May 1, 2025) | |
| Annual bonus target | 100% of base salary (CEO) beginning fiscal 2027 | Annual plan; metrics set by Board/Comp Committee | |
| Sign-on cash bonus | $1,000,000 paid in two $500,000 installments; repayable if resignation within 1 year or termination for cause | First payroll after start; second on/after six-month anniversary | |
| Relocation | Up to $200,000 reimbursed, grossed-up for taxes | Upon relocation to Durham, NC | |
| 2025 realized comp (reported) | Salary $150,000; Bonus $500,000; Total $650,000 (partial-year service) | Fiscal 2025 |
Performance Compensation
Annual Performance-Based Cash (Plan Design and FY2025 Results)
- Feurle did not participate in FY2025 annual bonus due to timing of appointment; his eligibility begins FY2027 .
| Metric (FY2025) | Weight | Threshold | Target | Maximum | Actual | Payout % |
|---|---|---|---|---|---|---|
| Revenue | 30% | $800M | $920M | $1,025M | $758M | 0% |
| Non-GAAP Gross Margin % | 30% | 8% | 14.1% | 16% | (0.6)% | 0% |
| Adjusted EBITDA | 30% | ($116)M | ($29)M | $0 | ($210)M | 0% |
| ESG (Water recycle) | 3.3% | 17.25% | 19% | 22% | 22.4% | 200% |
| ESG (TRIR) | 3.3% | 1.3 | 1.1 | 0.75 | 1.18 | 74% |
| ESG (DEI) | 3.4% | 22.3% | 27.8% | 55.7% | 26.1% | 87.3% |
| Total (calculated) | 100% | — | — | — | — | 10%; Committee approved 20% payout for retention |
- FY2025 bonus plan metrics and weights: Revenue (30%), Non-GAAP Gross Margin (30%), Adjusted EBITDA (30%), ESG (10%) .
Long-Term Incentives (Equity)
| Award | Target Value | Vehicle | Vesting/Performance | Notes |
|---|---|---|---|---|
| Sign-on equity (CEO) | $2,500,000 RSUs; $2,500,000 options (Black‑Scholes value) | RSUs; Nonqualified stock options | 25% on each of first 4 anniversaries of employment start date | Grants approved as inducement; delayed until after Chapter 11 exit (Sept 29, 2025) |
| FY2026 annual LTI (CEO) | $2,000,000 RSUs; $3,000,000 PSUs | RSUs; PSUs | RSUs vest ratably over 4 years; PSUs based on relative TSR vs defined index, measurement 8/1/2025–7/31/2028 or CIC | Same terms as other exec PSU awards granted ~Aug 1, 2025 |
| PSU payout curve (template) | — | PSU | 25th pct = 50%; 55th pct = 100%; 75th+ pct = 200% | Straight-line interpolation between points |
- Governance protections and risk controls: No option repricing/exchange without stockholder approval; no hedging/pledging; SEC/NYSE-compliant clawback .
Equity Ownership & Alignment
| Item | Detail | Source |
|---|---|---|
| Beneficial ownership (as of 10/14/2025) | Feurle: “—” shares; less than 1% of outstanding | |
| Outstanding awards at FY2025 year-end | None shown for Feurle (grants delayed until post-emergence) | |
| Ownership guidelines | CEO: 6x base salary; 5-year compliance window; currently all directors/executives reported as compliant | |
| Hedging/pledging | Prohibited for employees and directors |
Note: Fiscal 2025 RSU/PSU awards to legacy executives were cancelled upon Chapter 11 plan approval and emergence; CEO inducement awards were delayed until after emergence, affecting reported ownership and outstanding awards .
Employment Terms
| Topic | Key Terms | Source |
|---|---|---|
| Employment type | At-will; effective May 1, 2025 | |
| Non-compete / Non-solicit | Included via Confidential Information Agreement; post-separation restrictions extended (up to 18 months) when severance paid (esp. CIC) | |
| Severance (no CIC) | Lump sum: 18 months base salary + 1x target bonus; COBRA contributions up to 18 months; time-based equity acceleration equal to 18 months of additional vesting (subject to consulting); outplacement 12 months | |
| Severance (double-trigger CIC) | Lump sum: 24 months base salary + 2x target bonus; COBRA up to 24 months; 100% acceleration of unvested equity | |
| 280G excise tax | Best-net: pay in full or cut back to avoid excise tax, whichever yields greater after-tax | |
| Clawback | Mandatory recoupment of erroneously awarded incentive comp upon required restatements (3-year lookback) | |
| Relocation gross-up | Up to $200,000 reimbursed, with tax gross-up |
Director Compensation (as applicable to CEO-Director)
- Employees are not separately compensated for Board service; non-employee director program includes cash retainers by role and annual RSU grants (with temporary restructuring-period adjustments). Feurle receives no director fees .
Compensation Committee, Consultant, Peer Group
- Committee independence and composition; meeting cadence disclosed; authority over exec/directed pay .
- Independent consultant: Compensia; advised on CEO/COO market data, peer groups, equity usage, and disclosure .
- Target pay positioning generally near 50th percentile, adjusted for performance, scope, talent needs .
- Compensation peer group (FY2025): Advanced Energy, Allegro, Cirrus Logic, Coherent, Cohu, Diodes, Lattice, MACOM, MaxLinear, Novanta, Photronics, Power Integrations, Qorvo, Semtech, Silicon Labs, Synaptics, Universal Display . FY2026 changes adopted to reflect size/fit (added ACM Research, Alpha and Omega Semiconductor, Ichor, SkyWater; removed certain larger peers) .
Say‑on‑Pay & Shareholder Feedback
- 2024 Say‑on‑Pay approval: ~69.9% of votes cast; Board/Committee reviewed results and considered in subsequent decisions (noting CEO/COO arrangements) .
- 2025 proxy recommends “FOR” on Say‑on‑Pay; annual frequency maintained .
Performance & Track Record Context
- Q1 FY2026: Revenue ~$197M; GAAP gross margin (39)%; Non‑GAAP gross margin (26)%; GAAP loss/share $(4.12) including $504M reorg items; Non‑GAAP loss/share $(0.55); cash and ST investments $926M. CEO emphasized rebuilding focus, 200mm SiC leadership, and disciplined alignment to headwinds (AI datacenters, aerospace, energy storage verticals) .
- Outlook: Sequential revenue decline expected in Q2 FY2026 due to inventory pull-forward pre-Durham closure and second-sourcing; broader market softness cited; no long-term model update until 1H CY2026 .
- CEO executed SOX 302/906 certifications for Q1 FY2026 10‑Q; also signed S‑1 and S‑8 as CEO/Director .
Recent Operating Metrics
| Metric | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|
| Revenue ($) | $180.5M* | $185.4M* | $197.0M* | $196.8M* |
| EBITDA ($) | $(52.9)M* | $(55.0)M* | $21.8M* | $(67.8)M* |
Values retrieved from S&P Global.
Notes: Quarterly revenue approximations are broadly consistent with management disclosures (Q1 FY2026 revenue “approximately $197 million”) .
Risk Indicators & Alignment Checks
- Chapter 11 emergence and cancellation of legacy equity awards create retention/realization risk for prior grants; CEO inducement and FY2026 LTI awards were timed post-emergence, aligning vesting to forward execution .
- Double-trigger CIC protection and best-net 280G policy avoid excise tax gross-ups; relocation benefit includes a tax gross-up .
- Anti‑hedging/pledging policies in place; clawback policy adopted; no option repricing without shareholder approval .
- FY2025 bonus results at 10% calculated (20% paid for retention) reflect significant performance shortfall vs targets; prior FY2022 PSU cycle paid 0% on TSR (legacy leadership), underscoring challenging track record baseline .
Investment Implications
- Pay-for-performance: CEO mix is equity-heavy (sign-on RSUs/options; FY26 RSUs/PSUs), with PSU payouts tied to multi-year relative TSR (55th percentile for target), directly linking upside to share performance during an operational turnaround .
- Retention and selling pressure: As of the FY2025 record date, Feurle reported no beneficial ownership—consistent with grants delayed until post-emergence—reducing near-term insider selling pressure but heightening the importance of future equity vesting for retention and alignment .
- Downside protection/governance: Double-trigger CIC severance with full vesting and “best-net” 280G policy are market-standard; anti-hedging/pledging and clawback guardrails are positive governance signals .
- Execution risk: FY2025 performance missed key financial targets; Q1 FY2026 guided to sequential revenue decline due to inventory dynamics and market softness. Achieving 200mm SiC scale (Mohawk Valley, Siler City) and customer wins in EV, AI datacenters, aerospace, and energy storage are the core levers for PSU realization and long-term value creation .
Citations
- CEO biography, age, education, board service, committees, independence, guidelines:
- FY2025 business/financial highlights, compensation philosophy, plan metrics/results, say-on-pay:
- CEO fixed pay, sign-on cash, relocation gross-up, employment terms and severance:
- Long-term incentives (sign-on RSUs/options; FY2026 RSUs/PSUs; PSU curve/measurement):
- Equity ownership, outstanding awards, cancellations post-emergence:
- Earnings context and outlook; CEO certifications; registration signatures: