Wolfspeed Inc. surged 82% on Monday after the chipmaker announced the appointment of Gregor van Issum as Chief Financial Officer, effective September 1.

The Durham, N.C.-based company, which is one of the world's largest producers of silicon carbide technology used in electric vehicles and artificial intelligence data centers, was trading at $1.69 in the morning.

Van Issum, who held senior roles at semiconductor manufacturers ams-OSRAM AG and NXP Semiconductors, is succeeding Kevin Speirits.

Speirits is serving as interim CFO and will remain with Wolfspeed to support a smooth transition, the company said.

The announcement follows the company appointing David Emerson, an industry veteran and former executive vice president with the company, to the newly created role of COO in May to help it return to profitability.

“With a refreshed leadership team, Wolfspeed is well positioned to navigate near-term market dynamics and seize opportunities to expand its leadership in silicon carbide technologies,” the company said.

The company’s stock plummeted over 80% so far this year, compared to the nearly 7% rise in the broader S&P500 Index.

Wolfspeed, in May, raised concerns about its ability to continue as a going concern, as mounting economic uncertainty driven by shifting U.S. trade policies and declining demand led to a series of financial setbacks.

Last month, after the struggling chipmaker announced plans to file for bankruptcy in the U.S. to reduce overall debt. Later, it revealed a pre-packaged restructuring process that it expects to emerge from as soon as the end of the third quarter of this year.

After finishing the process, Wolfspeed said it expects to reduce its debt by 70%, or $4.6B, and reduce its annual total cash interest payments by 60%.