Lumileds has completed its financial restructuring and emerged from Chapter 11, having reduced its funded debt by approximately $1.4 billion. With the restructuring transaction completed, Lumileds will be owned by a new group of long-term institutional investors, including Anchorage Capital Group, L.L.C., Nut Tree Capital Management, L.P., and Cerberus Capital Management, L.P.
Lumileds also announced that Steve Barlow, President of Lumileds’ Automotive Business Unit, will be appointed Chief Executive Officer and to its Board of Directors, succeeding Matt Roney. The appointment is effective on November 11, 2022.
Mr. Barlow brings over 30 years of experience in the semiconductor and LED lighting industries and several decades at Lumileds, having most recently served as the President of Lumileds’ Automotive Business Unit and, prior to that, as President of the Lighting Solutions Business Unit. He first joined the Company in 2003 to help build its LED automotive, camera flash, display, and lighting businesses as head of sales and marketing. He previously held management and sales roles at Hewlett Packard, Cree, and Intematix Corporation. Mr. Barlow holds an MBA from Santa Clara University and a B.S. in Electrical Engineering from San Jose State University.
“We are pleased to have completed this process effectively and within the timeframe we originally projected, thanks to the support and dedication of our employees, customers, vendors, suppliers, and our new owners,” said Matt Roney. “It has been a privilege to lead this extraordinary company and team, and I look forward to following Lumileds’ continued success under Steve’s leadership.”
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