Wolfspeed (WOLF) stock soared about 100% today after the company named Gregor van Issum as its new chief financial officer, effective September 1. The move comes as the silicon carbide leader is undergoing a major financial restructuring to slash debt and reposition for long-term growth.
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WOLF stock has declined 45.9% in the past three months on news that the company filed for Chapter 11 bankruptcy to carry out a planned restructuring. Today’s stock rebound shows that the CFO’s appointment has raised optimism among investors about the company’s ability to fix its financial issues.
New CFO to Drive Turnaround
Van Issum has over two decades of experience in strategic financing and transformation within the Tech sector. Previously, he held senior roles at key semiconductor manufacturers, such as ams-OSRAM (AUKUF) and NXP Semiconductors (NXPI). He is known for cutting costs and leading big merger deals, skills that align with WOLF’s current turnaround strategy.
“My priority will be providing Wolfspeed’s investors with transparency and clarity, especially during this transformative period,” van Issum said.
Van Issum will succeed Kevin Speirits, who has been serving as Interim CFO and will remain with the company to ensure a smooth transition.
It must be noted that Wolfspeed is revamping its leadership team as part of the restructuring. The appointment of van Issum follows the recent addition of COO Dr. David Emerson to the team. These moves show Wolfspeed is now focused on improving operational efficiency.
Is Wolfspeed a Good Stock to Invest In?
On TipRanks, WOLF stock has a Hold consensus rating based on two Buys, two Holds, and four Sell ratings. Also, the average Wolfspeed price target of $3.37 implies 44.02% upside potential from current levels.