CEO, board changes at GlobalFoundries

Dr Thomas Caulfield is moving to Executive Chairman at custom chip maker GlobalFoundries, with Tim Breen replacing him as Chief Executive Officer. Caulfield succeeds Ahmed Yahia who will step down as chair and from the board after more than a decade.

Breen has been with GF since 2018, and is currently Chief Operating Officer (COO). Before joining GF, he was a senior member of the executive team at Mubadala Investment Company, which is the majority owner of GF with an 82% stake.

These changes will become effective April 28, 2025, and GF is highlighting this is a planned succession ahead of the 2024 financial results next week after a difficult year for semiconductors and a change of administration and the end of the CHIPS act in the US. GF is also expected to announce it is suspending its deal with STMicroelectronics on a joint fab in Crolles, France.

“Following a thoughtful, multi-year succession planning process the board unanimously selected Tim to be GF’s next CEO,” said David Kerko, Lead Independent Director of the GF Board. “We are confident he is the right person to guide GF forward and are excited to work closely with him as the company continues to build on its strong momentum.”

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“I am extremely proud of all that we have accomplished at GF,” said chair Yahia. “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.”

“Tim has a clear vision for GF, a well-articulated strategy, an impeccable operational track record and a proven ability to drive business performance. The Board is also delighted that Tom will remain closely engaged with the company in his new capacity of Executive Chairman and will continue to focus on strategic industry, academia and government partnerships. Tom has been a superb leader for the company, a values-driven CEO who put the company on the path to sustained success. We are deeply grateful for his leadership over the past seven years.”

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“Since joining GF, Tim has played a critical role as my co-pilot in shaping the strategy of the company,” said Caulfield. “In his current role as COO, Tim has made a tremendous impact integrating GF’s global operations and driving performance while accelerating our digital and sustainability transformations. As the AI wave moves from cloud to edge, GF is uniquely positioned to accelerate growth and continue to innovate, deliver and create value for all our stakeholders, and I am fully confident in Tim’s ability to lead the company into this next phase.”

Niels Anderskouv, currently Chief Business Officer at GlobalFoundries, has been appointed President and COO.

“I am also looking forward to Niels assuming an even greater responsibility for end-to-end execution of commercial strategy, product differentiation and global manufacturing,” added Caulfield. “Since joining the team in 2023, Niels has set a clear strategy for building differentiated products, value-added services and establishing durable partnerships with our customers. Together, Tim and Niels have the vision and experience to guide the company forward.”