GlobalFoundries Inc. (GF), the world's third-largest contract chip manufacturer, announced that Chief Operating Officer (COO) Tim Breen will succeed Tom Caulfield as CEO, while Caulfield will transition to chairman. The leadership change was reported by Reuters and Yahoo Finance.
GF leadership shake-up On February 5, GlobalFoundries announced a major leadership transition. Tom Caulfield will replace Ahmed Yahia as chairman, following Yahia's departure after more than a decade in the role. Tim Breen, who has been with the company since 2018 and currently serves as COO, will step up as CEO. Additionally, Niels Anderskouv has been appointed President and COO. These leadership changes, effective April 28, 2025, mark a significant transformation for the company.
Outgoing chairman Ahmed Yahia reflected on GlobalFoundries' progress: "I am extremely proud of all that we have accomplished at GF. In partnership with our customers, we have built GF into a leading semiconductor manufacturer, with a differentiated technology portfolio and a truly global footprint. With a solid strategic foundation and strong execution capabilities in place, it's the right time to take the company to the next level. In this context, the Board and Tom selected Tim as its new CEO."
Key leadership profiles Tom Caulfield (Chairman-Designate) – CEO since 2018, Caulfield transformed GlobalFoundries by focusing on specialized chips, steering it to profitability, and overseeing its 2021 IPO—one of the largest in the semiconductor sector. He played a crucial role in strengthening supply chain resilience, expanding production capacity, and forging key partnerships.
Tim Breen (Incoming CEO) – GlobalFoundries' COO since 2023, Breen has overseen manufacturing, supply chain, and IT. Since joining in 2018, he has held senior roles in strategy and finance. Before GlobalFoundries, he was a senior executive at Mubadala, managing global investments across multiple industries. He is also Chairman of NOVA Chemicals and a former McKinsey partner.
Niels Anderskouv (President & COO) – Previously serving as Chief Business Officer since 2023, Anderskouv is responsible for GlobalFoundries' product roadmap and commercial strategy. With over 25 years in semiconductors, he previously led Texas Instruments' multi-billion-dollar Analog Power division. He holds a Master of Science in Electrical Engineering from DTU in Copenhagen.
GF's shift in strategy Formed through the merger of AMD's manufacturing arm, Chartered Semiconductor Manufacturing (CSM), and parts of IBM's chip business, GlobalFoundries initially sought to challenge TSMC in contract chip production. However, the company later pivoted to focus on cost-effective, less complex semiconductors instead of competing in advanced node manufacturing, according to Bloomberg and Markets Insider.
GlobalFoundries, headquartered in Malta and New York, runs semiconductor fabs in the US, Germany, and Singapore. As part of the Chips and Science Act, the company received a US$1.5 billion grant from the US government to strengthen domestic manufacturing. Officials highlighted that this investment would ensure a steady supply of essential yet lower-complexity semiconductors crucial for modern electronics.
GlobalFoundries will report its fourth-quarter and full-year 2024 financial results in a conference call on February 11, 2025, at 8:30 a.m. ET. Investors and analysts can register to participate.