8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): December 29, 2008

CREE, INC.

(Exact name of registrant as specified in its charter)

North Carolina	0-21154	56-1572719
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

4600 Silicon Drive
Durham, North Carolina	27703
(Address of principal executive offices)	(Zip Code)

(919) 313-5300

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 On December 29, 2008, the Board of Directors of Cree, Inc. (the “Company”) elected Robert A. Ingram as a member of the Company’s Board of Directors and appointed Mr. Ingram as a member of the Board’s Compensation Committee and Governance and Nominations Committee.

 The Company will compensate Mr. Ingram for his services as a director in accordance with the Schedule of Compensation for Non-Employee Directors attached as Exhibit 10.5 to the Company’s report on Form 10-Q filed with the Securities and Exchange Commission on October 19, 2007.  Pursuant to these arrangements, the Company on December 29, 2008, granted Mr. Ingram an option to purchase 3,750 shares of the Company’s common stock at a price of $14.71 per share and issued Mr. Ingram 3,750 shares as a restricted stock award.  The Company granted the option and restricted stock awards under its 2004 Long-Term Incentive Compensation Plan; each award vests over a period ending not later than September 2009, subject to continued service.  In addition, commencing with the Company’s third fiscal quarter, the Company will pay Mr. Ingram a cash retainer in advance at the quarterly rate of $8,750 for service as a member of the Board of Directors, $2,500 for service as a member of the Compensation Committee, and $1,250 for service as a member of the Governance and Nominations Committee.

 The press release issued by the Company on December 31, 2008 announcing the appointment of Mr. Ingram is included as Exhibit 99.1 to this report and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

Exhibit No.	Description of Exhibit
99.1	Press release dated December 31, 2008

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CREE, INC.
By:	/s/ John T. Kurtzweil
	John T. Kurtzweil
	Executive Vice President - Finance and Chief Financial Officer

Date:  December 30, 2008

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EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press release dated December 31, 2008

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE Press Release

Cree Elects Robert Ingram to Board of Directors

DURHAM, NC, DECEMBER 31, 2008 – Cree, Inc. (Nasdaq: CREE) announces that Robert Ingram, Vice Chairman Pharmaceuticals of GlaxoSmithKline, was elected to the Company’s Board of Directors, and to the Board’s Compensation Committee and Governance and Nominations Committee, effective December 29, 2008.

“We welcome Bob to our Board of Directors,” said Chuck Swoboda, Cree chairman and chief executive officer. “His wealth of experience in research-intensive businesses facing global marketing and manufacturing challenges give him an ideal foundation to help us address the opportunities Cree anticipates. The insights he brings should prove beneficial to Cree as we work toward our goal of replacing traditional lighting solutions with energy-efficient, environmentally-friendly LED lighting.”

Ingram, 65, has served since January 2003 as Vice Chairman Pharmaceuticals of GlaxoSmithKline, a pharmaceutical research and development company in Research Triangle Park, North Carolina.  He previously served as Chief Operating Officer and President of Pharmaceutical Operations of GlaxoSmithKline following the December 2000 merger of Glaxo Wellcome plc and SmithKline Beecham plc.  Prior to the merger he served as Chief Executive Officer of Glaxo Wellcome plc and as Chairman, President and Chief Executive Officer of Glaxo Wellcome Inc.  He also serves on the boards of directors of Lowe’s Companies, Inc., Allergan, Inc., and Edwards Lifesciences Corporation, and also as Chairman of the board of directors of OSI Pharmaceuticals, Inc. and as Lead Director of Valeant Pharmaceuticals International.

About Cree, Inc.

Cree is a market-leading innovator and manufacturer of semiconductors and devices that enhance the value of solid-state lighting, power and communications products by significantly increasing their energy performance and efficiency. Key to Cree’s market advantage is its world-class materials expertise in silicon carbide (SiC) and gallium nitride (GaN) for chips and packaged devices that can handle more power in a smaller space while producing less heat than other available technologies, materials and products.

Cree drives its increased performance technology into multiple applications, including exciting alternatives in brighter and more-tunable light for general illumination, backlighting for more-vivid displays, optimized power management for high-current, switch-mode power supplies and variable-speed motors, and more-effective wireless infrastructure for data and voice communications. Cree customers range from innovative lighting-fixture makers to defense-related federal agencies.

Cree’s product families include blue and green LED chips, lighting LEDs, LEDs for backlighting, power-switching devices and radio-frequency/wireless devices. For additional product specifications please refer to www.cree.com.

Contacts

Media Inquiries:

Michelle Murray

Corporate Communications

michelle_murray@cree.com

(919) 313-5505

(919) 313-5943 (Fax)

Investor Inquiries:

Raiford Garrabrant

Director, Investor Relations

raiford_garrabrant@cree.com

(919) 313-5397

(919) 313-5615 (Fax)

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