Cree Announces Annual Shareholders Meeting Election Results

DURHAM, N.C., October 22, 2018 — Cree, Inc. (NASDAQ: CREE) announced today that the following changes have been made to its board of directors:

• Mr. John C. Hodge and Ms. Duy-Loan T. Le have been elected to the board of directors.
• Mr. Darren R. Jackson was appointed as chairman by the board of directors.
• Mr. Robert A. Ingram and Mr. C. Howard Nye retired from their positions on the board of directors, upon expiration of their terms.

These changes were effective immediately following the 2018 Annual Meeting of Shareholders earlier today at the company’s headquarters in Durham.

“We are pleased to welcome Mr. Hodge and Ms. Le to the Cree board of directors,” said Darren Jackson, newly appointed chairman of Cree’s board of directors. “They will assist the leadership in shaping our vision to create a world-class semiconductor company. Their breadth of industry experience will be invaluable as we drive market expansion for SiC and GaN-based innovations focused on a variety of applications across diverse sectors such as automotive, telecommunications and energy. As we welcome our new directors, we would also like to thank Mr. Ingram and Mr. Nye for their dedication and service over their tenures on the board.”

Mr. Hodge brings a wealth of experience in private equity, corporate finance and merger and acquisition transactions, in addition to over 25 years as an investor and advisor to the global semiconductor and technology industry. He also has extensive experience as a director of semiconductor companies, including Silicon Image, Inc. (NASDAQ: SIMG) from 2007 to 2014 and Freescale Semiconductor, Ltd. (NYSE: FSL) from 2008 to 2011. In his current role, Mr. Hodge is a founding partner of private-equity firm Rubicon Technology Partners, which he founded in 2012. Prior to that, he was a senior advisor and senior managing director with Blackstone Group (NYSE: BX), a private equity firm, from 2006 to 2011.

Ms. Le has 33 years of experience in semiconductors, specifically in chip design, silicon manufacturing technology development and advanced technology manufacturing from concept to high volume production. Additionally, she has an extensive understanding of global business including managing R&D centers, joint ventures, foundries and partnerships. Ms. Le retired from Texas Instruments, Inc. (NASDAQ: TXN) in July 2017, most recently holding the title of senior fellow since 2002. During her 33-year career at Texas Instruments, Ms. Le held various leadership positions including advanced technology ramp manager for the embedded processing division and worldwide project manager for the memory division. She is currently a member of the board of directors of Ballard Power Systems (NASDAQ: BLDP) and National Instruments Corp. (NASDAQ: NATI).

Mr. Jackson joined Cree’s board of directors in May 2016. From July 2004 to January 2016, he served on the board of directors of Advance Auto Parts, Inc. (NYSE: AAP) and served as its CEO from January 2008 to January 2016. Mr. Jackson also served as president of Advance Auto Parts, Inc. from January 2008 to January 2009 and from January 2012 to April 2013. Prior to his tenure at Advance Auto Parts, he served in various executive positions with Best Buy Co., Inc. (NYSE: BBY) and Nordstrom, Inc. (NASDAQ: JWN). Mr. Jackson has also served as a director of Fastenal Company (NASDAQ: FAST), which sells industrial and construction supplies, since July 2012.

About Cree, Inc.

Cree is an innovator of Wolfspeed^® power and radio frequency (RF) semiconductors, lighting class LEDs and lighting products. Cree’s Wolfspeed^® product families include SiC materials, power-switching devices and RF devices targeted for applications such as electric vehicles, fast charging inverters, power supplies, telecom and military and aerospace. Cree’s LED product families include blue and green LED chips, high-brightness LEDs and lighting-class power LEDs targeted for indoor and outdoor lighting, video displays, transportation and specialty lighting applications. Cree’s LED lighting systems and lamps serve indoor and outdoor applications.

For additional product and Company information, please refer to www.cree.com.

Cree^® and Wolfspeed^® are registered trademarks of Cree, Inc.