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Wolfspeed Taps Gregor van Issum as CFO as Stock Soars

Wolfspeed is looking to realign its $6.5 billion balance sheet through a lender-backed Chapter 11 restructuring plan.

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Overview

  • Gregor van Issum will assume the CFO role on September 1, replacing interim Kevin Speirits, and brings over two decades of corporate restructuring and strategic finance experience from ams-OSRAM.
  • The company’s prepackaged Chapter 11 plan, supported by a majority of its creditors, is set to eliminate about $4.6 billion of debt and cut annual cash interest payments by roughly 60 percent.
  • Wolfspeed shares jumped more than 100 percent intraday and about 380 percent over the past week following the announcement of the new CFO hire.
  • The reorganization process has enabled Wolfspeed to maintain production at its North Carolina and New York facilities and continue vendor payments without interruption.
  • Executives say the firm remains on track to exit Chapter 11 by the end of the third quarter while carrying on normal operations.