Wolfspeed Appoints Semiconductor Industry Veteran Bret Zahn to lead Automotive Efforts

Former onsemi leader brings a wealth of experience in the rapidly expanding electric vehicle market

Appointment marks another milestone in Wolfspeed's leadership transformation and expansion in key markets

Wolfspeed, Inc. (NYSE:WOLF) today announced the appointment of Bret Zahn as Vice President and General Manager of their Automotive business as the company continues to enhance its leadership team amid its strategic expansion in high-growth markets. This appointment reflects Wolfspeed's continued commitment to enabling the next generation of electric vehicles (EVs) through cutting-edge silicon carbide (SiC) solutions. Zahn will report to Chief Business Officer Cengiz Balkas, and will be based at company headquarters in Durham, N.C.

In this role, Zahn will lead the development and execution of Wolfspeed's automotive product roadmap, aligning with the rapidly evolving needs of global electric vehicle makers and Tier 1 suppliers. Working closely with engineering, R&D, and commercial teams, he will be responsible for driving innovation that meets the increasing demand for power efficiency, performance, and scalability in electric mobility.

"The automotive industry is at an inflection point, and Wolfspeed is at the heart of the transformation," said Robert Feurle, CEO of Wolfspeed. "Our silicon carbide solutions are already powering some of the world's most advanced EVs. Under Bret's leadership, we will deepen our partnerships with global automakers and deliver the next wave of innovation to expand our product offerings and meet the evolving needs of our customers."

As the transition to electrified transportation accelerates, silicon carbide has emerged as a foundational technology for extending driving range, increasing energy efficiency, and reducing charging times. Wolfspeed's investment in vertically integrated, U.S-based SiC manufacturing—including its 200mm Mohawk Valley Fab and materials facility in North Carolina—positions the company to meet automotive demand and offers a secure and scalable supply chain for customers.

Zahn brings 35 years of global engineering and business management experience across various technology sectors. Previously he held the role of VP and GM of the Automotive Traction Solutions (ATS) Business Unit at onsemi, encompassing both SiC and IGBT bare die and power module sales, growing that business from IGBT only revenue in 2020 to both IGBT and SiC revenue at the close of 2024. His proven ability to navigate complex business structures and lead cross-functional teams will be instrumental as Wolfspeed seeks to capitalize on opportunities within the automotive sector.

"I am excited to join Wolfspeed during this transformative period and contribute to its mission of delivering advanced solutions in the automotive market," said Zahn. "I look forward to working alongside this talented team to drive continued innovation and growth as we navigate the rapidly changing landscape of the industry."

Zahn's appointment follows the announcements of Wolfspeed's refreshed leadership team and marks another milestone as Wolfspeed works to navigate near-term market dynamics and seize opportunities to expand its leadership in silicon carbide technologies.

About Wolfspeed, Inc.

Wolfspeed (NYSE:WOLF) leads the market in the worldwide adoption of silicon carbide technologies that power the world's most disruptive innovations. As the pioneers of silicon carbide, and creators of the most advanced semiconductor technology on earth, we are committed to powering a better world for everyone. Through silicon carbide material, Power Modules, Discrete Power Devices and Power Die Products targeted for various applications, we will bring you The Power to Make It Real.^TM Learn more at www.wolfspeed.com.

Forward-Looking Statements

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause Wolfspeed's actual results to differ materially from those indicated in the forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about Wolfspeed's ability to reduce customer lead times, improve manufacturing quality and efficiency, and achieve growth. Actual results could differ materially due to a number of factors, including but not limited to, ongoing uncertainty in global economic and geopolitical conditions, such as the ongoing military conflict between Russia and Ukraine and the ongoing conflicts in the Middle East; changes in progress on infrastructure development or changes in customer or industrial demand that could negatively affect product demand, including as a result of an economic slowdown or recession, collectability of receivables and other related matters if consumers and businesses defer purchases or payments, or default on payments; risks associated with our expansion plans, including design and construction delays, cost overruns, the timing and amount of government incentives actually received, including, among other things, any direct grants and tax credits, issues in installing and qualifying new equipment and ramping production, poor production process yields and quality control, and potential increases to our restructuring costs; our ability to obtain additional funding, including, among other things, from government funding, public or private equity offerings, or debt financings, on favorable terms and on a timely basis, if at all; our ability to take certain actions with respect to our capital and debt structure; the risk that we do not meet our production commitments to those customers who provide us with capacity reservation deposits or similar payments; the risk that we may experience production difficulties that preclude us from shipping sufficient quantities to meet customer orders or that result in higher production costs, lower yields and lower margins; our ability to lower costs; the risk that our results will suffer if we are unable to balance fluctuations in customer demand and capacity, including bringing on additional capacity on a timely basis to meet customer demand or scaling back our manufacturing expenses or overhead costs quickly enough to correspond to lower than expected demand; the risk that longer manufacturing lead times may cause customers to fulfill their orders with a competitor's products instead; product mix; risks associated with the ramp-up of production of our new products, and our entry into new business channels different from those in which we have historically operated; our ability to convert customer design-ins to design-wins and sales of significant volume, and, if customer design-in activity does result in such sales, when such sales will ultimately occur and what the amount of such sales will be; the risk that the markets for our products will not develop as we expect, including the adoption of our products by electric vehicle manufacturers and the overall adoption of electric vehicles; the risk that the economic and political uncertainty caused by the tariffs imposed or announced by the United States on imported goods, and corresponding tariffs and other retaliatory measures imposed by other countries (including China) in response, may continue to negatively impact demand for our products; the risk that we or our channel partners are not able to develop and expand customer bases and accurately anticipate demand from end customers, including production and product mix, which can result in increased inventory and reduced orders as we experience wide fluctuations in supply and demand; risks related to international sales and purchases; risks resulting from the concentration of our business among few customers, including the risk that customers may reduce or cancel orders or fail to honor purchase commitments; the risk that our investments may experience periods of significant market value and interest rate volatility causing us to recognize fair value losses on our investment; the risk posed by managing an increasingly complex supply chain (including managing the impacts of supply constraints in the semiconductor industry and meeting purchase commitments under take-or-pay arrangements with certain suppliers) that has the ability to supply a sufficient quantity of raw materials, subsystems and finished products with the required specifications and quality; risks relating to outbreaks of infectious diseases or similar public health events, including the risk of disruptions to our operations, supply chain, including our contract manufacturers, or customer demand; the risk we may be required to record a significant charge to earnings if our remaining goodwill or amortizable assets become impaired; risks relating to confidential information theft or misuse, including through cyber-attacks or cyber intrusion; our ability to complete development and commercialization of products under development; the rapid development of new technology and competing products that may impair demand or render our products obsolete; the potential lack of customer acceptance for our products; risks associated with ongoing litigation; the risk that customers do not maintain their favorable perception of our brand and products, resulting in lower demand for our products; the risk that our products fail to perform or fail to meet customer requirements or expectations, resulting in significant additional costs; risks associated with strategic transactions; the risk that we are not able to successfully execute or achieve the potential benefits of our efforts to enhance our value; the substantial doubt about the Company's ability to continue as a going concern; and other factors discussed in our filings with the Securities and Exchange Commission (SEC), including our report on Form 10-K for the fiscal year ended June 30, 2024, and subsequent reports filed with the SEC. These forward-looking statements represent Wolfspeed's judgment as of the date of this release. Except as required under the United States federal securities laws and the rules and regulations of the SEC, Wolfspeed disclaims any intent or obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.

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Cautionary Note Regarding the Company's Common Stock

The Company cautions that trading in the Company's common stock during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company's common stock may bear little or no relationship to the actual recovery by holders of the common stock in the Chapter 11 Cases. The Company cannot assure investors of the liquidity of an active trading market, the ability to sell shares of the common stock when desired, or the prices that an investor may obtain for the shares of the common stock.

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