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Cree, Inc. Appoints Mike McDevitt Chief Financial Officer

Stocks in this article: CREE

Cree, Inc. (Nasdaq:CREE) announces the appointment of Mike McDevitt as Executive Vice President and Chief Financial Officer (CFO), effective immediately. McDevitt brings more than two decades of finance and operations leadership and has served as Vice President and Interim CFO of the company since May 22, 2012.

“Mike is an invaluable member of the Cree team and I am very pleased to announce his appointment as CFO,” said Chuck Swoboda, Cree chairman and CEO. “After conducting an exhaustive national search, we realized Mike is the best candidate for the job. Mike’s proven leadership will help Cree drive innovation and accelerated adoption of LED lighting.”

Prior to his appointment as Interim CFO, McDevitt held several key leadership roles at Cree including Director of Sales Operations from 2011-2012, Director of Financial Planning from 2005-2011 and Corporate Controller from 2002-2005.

About Cree

Cree is leading the LED lighting revolution and making energy-wasting traditional lighting technologies obsolete through the use of energy-efficient, mercury-free LED lighting. Cree is a market-leading innovator of lighting-class LEDs, LED lighting, and semiconductor products for power and radio frequency (RF) applications.

Cree's product families include LED fixtures and bulbs, blue and green LED chips, high-brightness LEDs, lighting-class power LEDs, power-switching devices and RF devices. Cree products are driving improvements in applications such as general illumination, electronic signs and signals, power supplies and inverters.

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

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including customer acceptance of LED products; the rapid development of new technology and competing products that may impair demand or render Cree’s products obsolete; and other factors discussed in Cree’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 24, 2012, and subsequent filings.

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