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.