On Feb 5, Reuters reported that GlobalFoundries, the world's third-largest contract chipmaker, announced the appointment of Tim Breen as its new chief executive officer. Breen, who joined the company in 2018 and held the position of chief operating officer since 2023, will take over from Thomas Caulfield.
Notably, prior to his role at GlobalFoundries, Breen was a senior executive at Mubadala Investment Company, the sovereign wealth fund of Abu Dhabi and GlobalFoundries' primary stakeholder. Caulfield, who successfully led GlobalFoundries through its 2021 initial public offering, will assume the role of executive chairman.
The company also disclosed the appointment of Niels Anderskouv as president, who will step into the chief operating officer position vacated by Breen. Anderskouv, a former executive at Texas Instruments, will be responsible for overseeing manufacturing and product strategy.
GlobalFoundries made a strategic shift in 2018 by refocusing away from competing with industry giants like Intel and Taiwan Semiconductor Manufacturing, to specializing in niche markets such as radio-frequency chips and automotive chips, where it excels.
Caulfield praised Anderskouv's strategic leadership since joining the team in 2023, highlighting a clear vision for product differentiation, value-added services, and robust customer relationships. He expressed confidence in Breen and Anderskouv to steer the company forward effectively.
Despite facing challenges in industrial and automotive markets, GlobalFoundries has experienced increased demand for its chips due to a recovery in the smartphone sector. The company, based in Malta, New York, has been expanding its chip business in line with the U.S. government's initiatives to enhance domestic manufacturing.