Wolfspeed Stock Doubles Overnight as New CFO Joins Turnaround Charge

July 8 - Wolfspeed WOLF stock ignited a 50% rally in pre?market trading on Tuesday, building on Monday's 98% surge.

Investors cheered the appointment of Gregor van Issum as chief financial officer, effective Sept. 1. Van Issum, who brings senior roles at ams?OSRAM and NXP, will succeed interim CFO Kevin Speirits, who stays on through the transition.

This follows Wolfspeed's May hire of David Emerson as chief operating officer, underscoring a leadership overhaul aimed at driving profitability in its silicon carbide business, a material prized for EVs and AI data?center power systems.

Under its Chapter 11 restructuring, the company is set to erase nearly $4.6 billion, about 70%, of its debt and trim annual interest costs by roughly 60%, vastly improving cash flow and balance?sheet resilience.

Players in the market hope that seasoned leadership and a less encumbered balance sheet will bring Wolfspeed to a true turnaround. Analysts say the leadership shifts and debt repayments are measures that the company will emerge from bankruptcy stronger than ever.

Financial headwinds should continue to subside, and the experienced industry veterans should be poised to lead a sustainable recovery at Wolfspeed.