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.

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The company also mentioned that apart from investing $6 billion, they also plan on investing an additional $1 billion over the next two years to make sure all the operations run smoothly. The Santa-Clara hearquartered company is owned by the UAE’s state-owned fund Mubadala and the unlisted company’s Singapore operations contribute about a third of its revenue.

GlobalFoundries CEO Thomas Caulfield told the media, “I think the next five to eight years, we’re going to be chasing supply not demand as an industry.” He also added saying that the company is definitely prioritising its customers first.

According to reports, the chip shortage started in late December was caused due to automakers miscalculating demand for semiconductors in the pandemic. This, in turn, led to electronics manufacturers placing more chip orders. Most of the population started working from home, which gave a major boost to the sale of computers and other electronic devices.

Some of the most prominent chipmakers including Intel have previously issued a warning, saying that this shortage has a chance of continuing even next year. They also announced that the company will be investing $20 billion to expand its advanced chip making capacity, while Taiwan’s TSMC announced that they plan on investing $100 billion over the next three years.

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