Ispire Technology (ISPR) said Thursday that it appointed Jie Yu as chief financial officer, starting immediately, succeeding Jim McCormick.

Most recently, Yu worked as the company's vice president of finance.

The company also said it reduced its workforce and ended several contractor agreements, reducing its annual payroll by $3.6 million in May.

The vaping company also plans to cut up to an additional $6.6 million in operating expenses over the next three months, bringing the total estimated annual operating expenses reduction to $10.2 million during fiscal year 2025.