Wolfspeed’s CEO, Franco Plastina, has stepped down from his role and will leave the company at the end of the fiscal quarter. This follows Cree’s termination of Infineon’s proposed acquisition of Wolfspeed and decision to retain and operate Wolfspeed as a third business segment.

The Committee on Foreign Investment in the United States (CFIUS) objected to the deal, citing national security concerns. With no apparent way to address the issues, Cree terminated the agreement with Infineon.

Plastina, who joined Cree’s board of directors in December 2007, was appointed an executive vice president in June 2015, after Cree announced an initial public offering (IPO) for the power and RF segment. Cree renamed the segment Wolfspeed in September 2015.

In July 2016, Cree and Infineon announced that Infineon would buy Wolfspeed for $850 million in cash. In addition to the power and RF segment, the deal included Cree’s SiC wafer business, which supplies SiC substrates, semi-insultaing SiC substrates, SiC n- and p-type epitaxial material and GaN, AlGaN and InGaN epitaxial material.