GlobalFoundries, the world’s third-largest contract chipmaker, announced on Wednesday that Tim Breen will be its new CEO. Breen, who joined the company in 2018 and has served as its Chief Operating Officer since 2023, succeeds Thomas Caulfield, who will transition to the role of executive chairman.
Shares of GlobalFoundries remained mostly unchanged following the announcement. Before his tenure at GlobalFoundries, Breen held a senior executive position at Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund and GlobalFoundries’ largest stakeholder.
In addition to Breen’s appointment, GlobalFoundries also announced that Niels Anderskouv, a former executive at Texas Instruments, will be the company’s new president. Anderskouv will replace Breen as Chief Operating Officer and will oversee manufacturing and product strategy.
Caulfield, who led the company through its 2021 IPO and had been CEO since 2018, praised Breen and Anderskouv for their leadership and vision, stating that together they are well-positioned to drive GlobalFoundries forward.
The company, which stepped back from the high-cost race to produce the most advanced chips—opting instead to focus on specialized markets such as radio-frequency chips and automotive semiconductors—has seen increased demand for its products, especially due to a recovery in the smartphone market. Despite this growth, GlobalFoundries continues to face challenges in the industrial and automotive sectors.
In 2024, GlobalFoundries also benefited from government support, receiving approximately $1.5 billion in subsidies aimed at boosting U.S. chip manufacturing.