Wolfspeed Inc ( WOLF ) shares are trading sharply higher Monday morning. The company announced the appointment of Gregor van Issum as its new Executive Vice President and Chief Financial Officer, effective September 1.

What To Know: Van Issum, a seasoned semiconductor executive from ams-OSRAM, will take the financial helm as the company navigates a major strategic overhaul.

The leadership change comes just one week after Wolfspeed ( WOLF ) initiated a pre-packaged Chapter 11 filing to fortify its financial standing. The restructuring plan, supported by a majority of its lenders, is set to slash debt by approximately $4.6 billion and cut annual cash interest payments by 60%.

Investors responded favorably to the restructuring news last week, sending the company's stock soaring 170% on a weekly basis. The appointment of a new CFO is seen as a critical step in steering the silicon carbide leader toward its goal of accelerated profitability. Van Issum will succeed interim CFO Kevin Speirits, who will resume his prior role.

CEO Robert Feurle has stated the restructuring will better position Wolfspeed ( WOLF ) to meet growing market demands. With new financial leadership in place, the company remains on track to emerge from Chapter 11 by the end of the third quarter while continuing normal operations.

Price Action: According to data from Benzinga Pro, WOLF shares are trading higher by 106.8% to $2.44 Monday morning. The stock is also higher by some 380% over the trailing week. WOLF has a 52-week high of $25.49 and a 52-week low of $0.39.

Read Also: Why Wolfspeed Stock Is Extremely Volatile Today

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