Updates

** Shares of chipmaker Wolfspeed WOLF.N fall ~42% to $3.14 in early trading, hitting lowest level since 1998

** On Thursday, the company named chip industry veteran Robert Feurle as its CEO effective May 1

** About 32.5% of WOLF's free float is in short position, according to Ortex estimates as of March 27

** In November, WOLF ousted top boss Gregg Lowe without cause

** Up to last close, WOLF down 19.2% YTD

** Shares have tumbled ~40% in March including Friday's losses

(Reporting by Kritika Lamba, Medha Singh and Zaheer Kachwala in Bengaluru)

((Kritika.Lamba@thomsonreuters.com))