Ispire Technology Inc. announced the appointment of Jie 'Jay' Yu as its new Chief Financial Officer, effective immediately, following the departure of Jim McCormick. Mr. Yu previously served as the company's Vice President of Finance since June 2023, bringing extensive experience in public accounting and audit roles.
Alongside the CFO appointment, Ispire announced significant operational streamlining measures, including a reduction of $3.6 million in annual payroll in May 2025. The company plans to cut an additional $6.6 million in operating expenses over the next three months, targeting a total estimated annual operating expense reduction of $10.2 million during fiscal year 2025.
These cost-cutting initiatives, which include transitioning certain duties to Malaysian operations, are designed to increase margins and accelerate the company's path towards profitability. Management emphasized its focus on becoming a global provider of precision dosing vaping technology while delivering value to shareholders through disciplined expense management.
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