Wolfspeed Holders Back New Stock Purchase Plan, But 2.2 Million Votes Withheld From Director Mark Jensen
Seven nominees won seats and PricewaterhouseCoopers was ratified, but Jensen drew far more withheld votes than any other nominee.
Wolfspeed stockholders approved a 2026 Employee Stock Purchase Plan with 20,709,570 votes for and elected all seven director nominees at Tuesday's annual meeting, according to an 8-K filed Wednesday. Director Mark Jensen drew 2,241,627 withheld votes, the most of any nominee.
One director draws a protest vote
Jensen received 18,843,708 votes for and 2,241,627 withheld. Withheld votes for the other six nominees ranged from 348,861 to 500,341.
All seven won election. Michael Bokan had the next-largest withheld total, at 500,341, while Hong Hou had the smallest, at 348,861. Robert Feurle, the company's CEO, received 20,735,254 votes for and 350,081 withheld.
Broker non-votes, shares a broker could not vote without client instructions, totaled 7,713,939 on the director, stock purchase plan and pay proposals. They were not recorded on the auditor ratification.
Stock plan and pay vote pass
The stock purchase plan drew 58,445 votes against and 317,320 abstentions alongside its 20,709,570 votes for.
The advisory vote on executive compensation, which is nonbinding, passed with 20,028,114 votes for, 576,862 against and 480,359 abstaining.
Stockholders also ratified PricewaterhouseCoopers as independent auditor for the fiscal year ending June 27, 2027. The tally was 28,241,231 for, 151,807 against and 406,236 abstaining.
Silicon carbide maker's pitch
Wolfspeed, based in Durham, North Carolina, makes silicon carbide materials and power devices, semiconductors that handle electric power. They are sold for electric vehicles and charging, AI data centers, solar inverters, server power supplies and grid modernization.
At the meeting, Feurle said the company is advancing its silicon carbide technology roadmap and expanding in AI data centers, according to a Yahoo Finance account. He said a conditional 30-year, $1.5 billion loan commitment from the U.S. Department of War is meant to advance the domestic wide-bandgap semiconductor supply chain.
Jensen's 2,241,627 withheld votes compare with no more than 500,341 for any other nominee at the meeting.
Sources
- 8-K Filing — WOLFSPEED, INC. (WOLF) — SEC EDGAR
- Wolfspeed Highlights AI Data Center Growth, Silicon Carbide Roadmap at Annual Meeting — Yahoo Finance
