SiC materials leader Wolfspeed, Inc. announced the appointment of Gregor van Issum as financial director, effective September 1, with stock price news storm.
Wolfspeed pointed out on the 7th that Van Issum has more than 20 years of experience in restructuring and strategic financing in the technology industry. He has served as deputy president of executive and group supervisor at the European Optical Semiconductors (ams-OSRAM). He has also served as deputy president of strategy for the security transaction and identification solution department of NXP Semiconductors.
Reported by Seeking Alpha and GuruFocus, Wolfspeed appointed David Emerson, a senior executive in the industry, as the boss in May, to help the company increase gross profit margin and transform the strategy into profit.
So far in the year, Wolfspeed stock price has plummeted 65.32%, far from the standard Pull 500 index's up 5.92%.
The U.S. trade policy has been unstable, and demand has reduced Wolfspeed's financial preparations. Its ability to continue to operate was questionable in May. The company announced in June that it applied for a plan to reduce overall debt. Later, Wolfspeed revealed the pre-planned restructuring process, and is expected to complete the restructuring as soon as the end of the third quarter of 2025.
Wolfspeed predicts debt is expected to be reduced by 70% (equivalent to US$4.6 billion) and annual cash interest expenses can also be reduced by 60%.
Investors believe that with Van Issum joining, Wolfspeed is expected to successfully complete restructuring, manage cash well, and develop ways to benefit from the strong demand for silicon carbide in electric vehicles and AI data centers.
Wolfspeed ended on the 7th at a 95.76% increase and closed at US$2.31, reaching a new closing high since May 20; so far in July, the stock price has soared by 479.24%.
Extended reading: Wolfspeed is scheduled to complete reorganization at the end of the third quarter Wolfspeed will say you will lose money Ruisa estimates 25 billion yen loss