The third-largest contract chipmaker in the world, GlobalFoundries has named Tim Breen as its new CEO.
Thomas Caulfield will be replaced in the senior position by Tim Breen, who joined the company in 2018 and has been its chief operating officer since 2023.
Following the news, GlobalFoundries’ stock remained mostly unaltered. Before joining GlobalFoundries, Tim Breen was a senior executive at Mubadala Investment Company, the largest stakeholder in GlobalFoundries and the sovereign wealth fund of Abu Dhabi.
Thomas Caulfield, who was appointed CEO of GlobalFoundries in 2018 and guided the company through its 2021 IPO, will become executive chairman. The business also revealed that Niels Anderskouv will take Tim Breen’s post as chief operating officer and be named president.
Tim Breen has led GlobalFoundries’ global operations, including manufacturing, quality, supply chain, and IT, as COO since 2023. He also has experience holding senior roles in strategy, business transformation, and finance in the company, working closely with the CEO.
Niels Anderskouv, a former executive at Texas Instruments, will be in charge of product planning and manufacturing in that capacity.
Ahmed Yahia will step down as Chairman and Board member after more than a decade in the position.
GlobalFoundries is a technology leader in several specialised chip industries, including radio-frequency chips and chips for autos, but it left the expensive competition with Taiwan Semiconductor Manufacturing and Intel to produce the most cutting-edge computing processors in 2018.
“Niels has established a clear plan for creating unique goods, value-added services, and long-lasting relationships with our clients since joining the team in 2023. Tim and Niels have the combined knowledge and vision to lead the business forward,” Thomas Caulfield said in a statement.
The smartphone market’s rebound has led to a rise in demand for GlobalFoundries’ chips, but the company is still struggling in the industrial and automotive end industries.
As part of the US government’s efforts to increase local manufacturing, Malta, New York-based company was given subsidies totalling approximately USD 1.5 billion last year to expand its chips business.