MANHASSET, N.Y. Cree Inc. has elected its president and chief executive Chuck Swoboda to the additional role of chairman of the board, replacing Neal Hunter, who resigned as a director on April 25.
Hunter, who founded Cree (Durham, N.C.) in 1987, served as its chief executive from 1994 to 2001 and as chairman from 1995 until his resignation from the board.
Hunter's reign was marked by a nasty dispute with his brother Eric Hunter two years ago. Eric alleged that Neil filed false and misleading statements with the Securities and Exchange Commission (SEC) relating to public stock offerings, omitted material facts from earnings statements, and misled auditors concerning income paid to officers and directors.
Cree subsequently reached an out-of-court settlement
with Eric Hunter, who dropped charges.
The company also announced that its board of directors has appointed Dolph A. von Arx as Lead Independent Director, a new role created by the board as part of its corporate governance initiative. Von Arx has been a member of Cree's board of directors since 1991.