(Reuters) -GlobalFoundries, the world’s third-largest contract chipmaker, said on Wednesday it has appointed Tim Breen as its chief executive officer.
Breen, who has been with the company since 2018 and has served as its COO since 2023, will succeed Thomas Caulfield in the top role.
Prior to joining GlobalFoundries, Breen held a senior executive position at Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund and GlobalFoundries’ largest stakeholder.
Caulfield, who led GFS through its 2021 IPO after being appointed CEO in 2018, will transition to executive chairman.
The company also announced that Niels Anderskouv will be appointed as president and replace Breen as the COO.
GlobalFoundries has been seeing a pickup in demand for its chips owing to a recovery in the smartphone market, although it still faces sluggishness in industrial and automotive end markets.
Last year, the Malta, New York-based company received subsidies worth around $1.5 billion for expanding its chips business as part of the U.S. government’s plans to boost domestic manufacturing.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid and Mrigank Dhaniwala)
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