Latest news with #GregorVanIssum
Yahoo
3 hours ago
- Business
- Yahoo
Bankrupt Wolfspeed taps new CFO
This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Semiconductor manufacturer Wolfspeed announced industry alum Gregor van Issum will take the role of CFO effective Sept. 1, following 'a comprehensive review of internal and external candidates,' according to a Monday press release. He will succeed interim CFO Kevin Speirits, who will remain with the company to ensure a smooth transition. The CFO appointment comes shortly after the Durham, North Carolina-based company filed for Chapter 11 bankruptcy on June 30 as part of a restructuring plan aimed at reducing its debt and strengthening its capital structure, according to a press release at the time. The company is aiming to offload 70% of its debt or approximately $4.6 billion with the restructuring. 'In this new role, my priority will be providing Wolfspeed's investors with transparency and clarity, especially during this transformative period,' Van Issum said in a statement included in the release.'Building on recent steps to restructure Wolfspeed's balance sheet, I will draw on my experience navigating complex business cycles to help create a capital structure that offers agility to respond to rapid shifts in the market.' A 20-year alum of the technology industry, Van Issum most recently served as EVP and group controller for fellow semiconductor manufacturer ams-OSRAM, according to the Monday press release. Prior to ams-OSRAM, he spent 11 years in various strategic finance and executive roles at NXP Semiconductors, including a VP, head of strategy BL secure transactions and identification — a role responsible for the strategic marketing of global security transactions and identification business, according to his LinkedIn profile. As CFO, Van Issum will receive an annual base salary of $500,000, according to a securities filing. He will also be eligible for an annual performance bonus with a target value of 75% of his base salary and will receive a cash sign-on bonus of $450,000, according to the filing with the Securities and Exchange Commission. Additionally, Van Issum will receive an award of restricted stock units with a value of $3 million, with one-fourth of the RSUs to vest on each of the four anniversaries following his Sept. 1 effective date, per the filing. Van Issum's appointment is the latest executive leadership move by the semiconductor manufacturer as it looks to revitilize its balance sheet, coming after the firm tapped a company veteran for the newly-created role of chief operating officer and appointed Robert Feurle to its top executive seat and as chairman of the board this May. The reconstituted leadership team will aim to shepherd the company through its planned restructuring. Wolfspeed and its subsidiary Wolfspeed Texas LLC each filed Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the Southern District of Texas on June 30 after announcing a restructuring agreement with key debtholders on June 22, according to an SEC filing. The bankruptcy is part of a bid by the chipmaker, which creates silicon carbide wafters and other chip components, to offload a significant portion of its debt and follows months-long talks with its lenders, The Wall Street Journal previously reported. While Wolfspeed's operations are mainly in the U.S. — putting it in an advantageous position given the tariffs proposed by the Trump administration — the semiconductor manufacturer's debt has put a strain on its operations, the WSJ reported. As of its Chapter 11 filing, the company had approximately $6.7 billion in total funded debt, according to its disclosure statement. The chipmaker has made previous efforts to cut down on costs and strengthen its balance sheet, laying off 20% of its global workforce and closing down several facilities as part of a strategy to save approximately $200 million last year, CFO Dive sister publication Manufacturing Dive previously reported. In March, Wolfspeed announced plans to cut another 180 jobs, as part of an effort to boost its financial performance and 'accelerate its path to generate positive free cash flow,' according to an SEC filing. The move came as a previously announced $750 million grant by the Biden administration under the CHIPS Act fell under a spotlight — later that same month, Wolfspeed's stock fell to a 27-year low amid concerns that it would not receive the funding under the Trump administration. In May, then-Chairman Thomas Werner said the company was in the midst of a 'constructive dialogue' with the Trump administration, Manufacturing Dive reported. Wolfspeed did not immediately respond to requests for comment. Recommended Reading Saab deputy finance chief moves to CFO chair Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
a day ago
- Business
- Economic Times
Nasdaq listed Wolfspeed shares soar 180% in two sessions. Here's what triggering the stock price
Nasdaq listed Wolfspeed shares has rallied 180% over the last two sessions. The spike in Wolfspeed's stock prices comes on the back of a leadership shake-up as the company named Gregor Van Issum as its new Chief Financial Officer and Executive Vice President on Monday. ADVERTISEMENT His term is effective from September 1, 2025 according to the company filing to the exchanges. The stock was trading at $2.675 around 10:29 AM ET (8 pm IST) but it opened 43% higher over the Monday closing price of $1.18 per share today hitting the day's high of $3.33. The price action was accompanied with strong volumes as over 16.6 crore shares changed hands on the Nasdaq around this Monday, Wolfspeed shares had settled with gains of more than 100%. The stock movement was surprising for Wall Street traders as the company was recently weighed down by financial challenges and restructuring efforts, ET Global Desk reported, citing a TipRanks report. ADVERTISEMENT Who is Gregor Van Issum? Van Issum is considered as a veteran of restructuring and has more than 20 years of experience in transformational restructuring and strategic financing and will succeed Kevin Speirits, who served as interim CFO of the firm, as reported by TipRanks. ADVERTISEMENT Speirits, who is serving as Interim Chief Financial Officer and will remain with Wolfspeed to support the company and ensure a smooth transition, the company filing said. He will be relocating to North Carolina and be based at company headquarters in Durham, NC, reporting to Wolfspeed CEO, Robert Feurle.'In this new role, my priority will be providing Wolfspeed's investors with transparency and clarity, especially during this transformative period,' said van Issum. 'Building on recent steps to restructure Wolfspeed's balance sheet, I will draw on my experience navigating complex business cycles to help create a capital structure that offers agility to respond to rapid shifts in the market," Van Issum said. ADVERTISEMENT "My background in transformation and restructuring also positions me to support Wolfspeed's strategic focus on improving profitability. At this pivotal time in the Company's life cycle, I am honored to help guide Wolfspeed as it leverages its competitive advantages—world-class facilities, exceptional talent, and robust intellectual property—to advance the incredible progress that Robert and the Wolfspeed team have made in recent months and solidify its leadership in silicon carbide technology,' he Inc. is a leading manufacturer of wide‐bandgap semiconductor materials and devices, primarily based on silicon carbide (SiC) and gallium nitride (GaN) technologies. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Forbes
2 days ago
- Business
- Forbes
WOLF Stock To $20?
The Wolfspeed, Inc. logo appears on a smartphone screen in this illustration photo in Reno, United ... More States, on January 3, 2025. (Photo Illustration by Jaque Silva/NurPhoto via Getty Images) While Wolfspeed faces severe financial challenges, recent developments suggest a potential turnaround story that could deliver exceptional returns for risk-tolerant investors willing to bet on the company's survival and recovery. The appointment of Gregor van Issum as CFO sparked immediate investor confidence, driving the stock price up 2x following the announcement. Van Issum brings substantial semiconductor industry experience from his previous roles at ams-OSRAM and NXP, two respected players in the sector. His track record suggests he understands the complexities of semiconductor operations and financial management. Now, the Chapter 11 bankruptcy process has already delivered significant improvements to Wolfspeed's financial structure. The company expects to eliminate nearly $4.6 billion in debt (70% reduction) and cut annual interest payments by 60%, dramatically improving its cost structure and cash flow dynamics. Wolfspeed operates in the silicon carbide semiconductor space, which offers superior energy efficiency compared to traditional silicon chips. This technology is increasingly critical for electric vehicle applications, positioning the company in a high-growth market segment. However, if you seek an upside with a smoother experience than a single stock, you might explore the High Quality portfolio, which has outperformed the S&P 500, garnering >91% returns since its inception. Additionally, check out – MSFT Stock To $1,000? The Bull Case: Massive Upside Potential If Wolfspeed successfully navigates its financial restructuring and executes its turnaround plan, the upside potential is substantial: Key Risks That Could Derail the Turnaround Investment Verdict The Wolfspeed turnaround story represents a classic high-risk, high-reward investment scenario. While the potential upside is substantial if the company successfully executes its restructuring and capitalizes on the growing silicon carbide market, the probability of success remains uncertain given the company's operational challenges and competitive pressures. Investors considering this opportunity should view it as a speculative position suitable only for those who can absorb complete loss while recognizing that successful turnarounds in distressed technology companies can generate exceptional returns for those willing to accept the substantial risks involved. Now, we apply a risk assessment framework while constructing Trefis High Quality (HQ) Portfolio which, with a collection of 30 stocks, has a track record of comfortably outperforming the S&P 500 over the last 4-year period. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride as evident in HQ Portfolio performance metrics.
Yahoo
2 days ago
- Business
- Yahoo
Wolfspeed Soars After New CFO Hire
Wolfspeed's (NYSE:WOLF) stock this weekshares jumped over 40% to about $1.70 after the company tapped Gregor van Issum as its new CFO (he'll start September 1). Van Issum isn't just any finance executive, he's got a resume at ams-OSRAM and NXP, so investors clearly took comfort that someone with serious semiconductor chops is steering the ship. Warning! GuruFocus has detected 11 Warning Signs with WOLF. This hire comes hot on the heels of Wolfspeed naming David Emerson as COO back in May. Between the two of them, Wolfspeed now has seasoned operators in both finance and day-to-day operationswhich is exactly what you want to see when you're clawing your way back from an 80% stock drop this year. Remember, the chipmaker even warned it might not make it as a going concern before lining up a pre-packaged bankruptcy plan to slash $4.6 billion of debt (about 70%) and cut annual interest payments by 60%. So why all the excitement? With van Issum on board, Wolfspeed looks better positioned to juggle its restructuring, manage cash, and capitalize on booming demand for silicon-carbide tech in EVs and AI data centers. If they can pull off the plan to emerge from restructuring by the end of Q3, we might really see them turn the cornerat least that's what the market's betting on right now. This article first appeared on GuruFocus.
Yahoo
2 days ago
- Business
- Yahoo
Wolfspeed Is Skyrocketing Today -- Is the Stock a Buy Right Now?
Wolfspeed stock has roughly doubled after the company announced its next chief financial officer. Gregor van Issum will become Wolfspeed's CFO on Sept. 1 and will be guiding the company's financial restructuring. Some investors are betting that Wolfspeed will be able to navigate bankruptcy in a way that works out for current shareholders. 10 stocks we like better than Wolfspeed › Wolfspeed (NYSE: WOLF) stock is seeing massive gains in Monday's trading. The company's share price is up 96.6% as of 1 p.m. ET despite the S&P 500 and Nasdaq Composite indexes being down 1% and 0.9%, respectively, at the same point. Before the market opened this morning, the silicon-carbide specialist announced that it had named Gregor van Issum as its next chief financial officer. The news prompted the stock to rocket higher, and it was up as much as 122.2% before 1 p.m. Van Issum will be succeeding interim CFO Kevin Speirits and will step into the position on Sept. 1, at which point he'll be helping to lead the company's bankruptcy and financial restructuring proceedings. Wolfspeed stock tanked in May after it was reported that the company was preparing bankruptcy filings, and the business later confirmed it had filed petitions for reorganization under the Chapter 11 provision -- but shares have now seen a substantial rebound. Van Issum will bring more than two decades of experience in corporate restructuring and strategic financing to the CFO role at Wolfspeed, and today, investors are showing some hope that he'll be able to guide a financial transition that will work out for current shareholders. On the other hand, Wolfspeed has a high level of debt, and current shareholders could still get wiped out as the new company issues shares to reset the balance sheet. While the stock could bound significantly above current levels, there's also a high risk of investors losing a lot of their money. Before you buy stock in Wolfspeed, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Wolfspeed wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $699,558!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $976,677!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 7, 2025 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Wolfspeed. The Motley Fool has a disclosure policy. Wolfspeed Is Skyrocketing Today -- Is the Stock a Buy Right Now? was originally published by The Motley Fool
