Ispire Appoints Jie "Jay" Yu As New CFO

Main Points:

1.Personnel change: Ispire appoints Jie "Jay" Yu as the new Chief Financial Officer, replacing former CFO Jim McCormick.

2.Cost-cutting plan: The company plans to reduce salary expenses by approximately $3.6 million by May 2025 and to further cut operational expenses by up to $6.6 million in the next three months, with an expected annualized total cost reduction of $10.2 million.

3.New CFO Background: Jie "Jay" Yu has been serving as the Vice President of Finance of the company since June 2023. He brings with him extensive experience in accounting and auditing of publicly traded companies, having previously held the position of CFO at several firms.

According to the Ispire Technology Inc. announced on its official website the appointment of Jie "Jay" Yu as the company's new Chief Financial Officer, effective immediately, replacing former CFO Jim McCormick.

Ispire has also announced that the company will continue to further streamline its overall operations by reducing its workforce and terminating multiple contractor services agreements, in order to achieve a reduction of $3.6 million in annual salary expenses by May 2025. Ispire also plans to cut up to an additional $6.6 million in operating expenses within the next three months, bringing the total projected reduction in annual operating costs for the 2025 fiscal year to $10.2 million.

Jie "Jay" Yu has been appointed as the Vice President of Finance for the company, effective June 2023. He brings extensive experience in accounting and auditing for publicly traded companies, having previously served as CFO at multiple organizations.

Ispire Co-CEO Michael Wang stated,

"Jay is a highly versatile accounting professional with outstanding performance in public companies. He is diligent, dedicated, and has established a strong reputation within the company during his time as Vice President of Finance. Jay possesses a deep understanding of the company's finances and corporate structure. I look forward to working closely with him in his new role as Chief Financial Officer."

 

"Our strategic focus is to become a global leader in precision dose atomization technology provider while creating value for shareholders. Therefore, we always adhere to optimizing cost structures, increasing profit margins, and driving the company towards profitability. We believe that the measures we have taken in recent months, such as downsizing and transferring some functions to Malaysia, will make us more flexible in our cooperation with leading global nicotine companies, thus laying a solid foundation for long-term sustainable profit growth for the company."

Yu stated that

"During my time at Ispire, I have a deep respect for the management team and feel inspired by the company's mission. I am honored to serve as Chief Financial Officer and look forward to working alongside the team to advance the company's strategic vision."