February 6, 2025 — GlobalFoundries (GF), a leading semiconductor manufacturer, announced a significant leadership transition and outlined ambitious expansion plans this week. Effective April 28th, 2025, Tim Breen, currently the Chief Operating Officer (COO), will succeed Thomas Caulfield as President and CEO. Caulfield, who has served as CEO since 2018, will transition to the role of Executive Chairman, replacing Ahmed Yahia who is stepping down from the board after more than a decade.
Breen, a GF veteran since 2018, has held various strategic roles within the company, including advising the CEO and leading the company’s transformation efforts. His appointment as COO in 2023 saw him oversee global operations, encompassing manufacturing, quality, supply chain, and IT. Prior to joining GF, Breen held an executive position at Mubadala Investment Co., managing projects and investments across energy and industrial sectors. Caulfield praised Breen’s impactful integration of GF’s global operations and his success in driving performance and accelerating digital and sustainability transformations, expressing full confidence in his ability to lead the company into its next phase of growth, particularly as the AI wave shifts from cloud to edge.
Niels Anderskouv, Chief Business Officer, will step into Breen’s previous role as COO and President. Anderskouv, who joined GF in 2023, has established a clear strategy for developing differentiated products and services and forging strong customer partnerships. His previous experience as SVP and Executive Officer at Texas Instruments, where he managed the analog power business, further strengthens GF’s leadership team. Caulfield highlighted the combined vision and experience of Breen and Anderskouv as key to guiding the company’s future direction.
These leadership changes coincide with significant expansion plans for GF. The company recently secured a $1.5 billion funding award under the CHIPS and Science Act, enabling a tripling of its Malta, New York campus capacity over the next 10 years. Furthermore, GF announced plans for a $575 million advanced packaging and testing center in Malta, with a dedicated $186 million investment in research and development over the next decade. This expansion builds upon GF’s recent third-quarter 2024 results, reporting sales of $1.739 billion, a 7% increase quarter-over-quarter, although slightly down year-over-year. Net income reached $178 million for the quarter.
While GF is expanding its US operations, it recently announced the shelving of a joint wafer fab project in France with STMicroelectronics. This decision, coupled with ongoing merger and acquisition speculation in the semiconductor industry, including rumors of GF’s potential involvement in acquiring parts of Intel’s struggling chip business, adds another layer of complexity to the company’s strategic landscape. However, the company’s significant investments in US expansion and its new leadership team suggest a strong focus on future growth and innovation. The new Advanced Packaging and Photonics Center in New York will offer advanced packaging, assembly, and testing services, catering to diverse customer needs, including aerospace and defense.
