GlobalFoundries named COO Tim Breen as its next CEO, the semiconductor manufacturer announced Wednesday.
Breen will succeed President and CEO Thomas Caulfield, who has been in the role since 2018. Caulfield will take over the board of directors chairman position from Ahmed Yahia, who is stepping down after serving as the board’s head since 2013.
Chief Business Officer Niels Anderskouv will succeed Breen as COO and president. The executive changes will take effect April 28.
Breen has been with GlobalFoundries since 2018 and has held various roles involving strategy, transformation and advisor to the CEO. He was appointed COO in 2023 and managed the chipmaker’s global operations, including its manufacturing, quality, supply chain and IT teams.
Before joining GlobalFoundries, Breen was on the executive team of Mubadala Investment Co. and oversaw projects and investments in sectors such as energy and industrial.
“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,” Caulfield said in a statement. “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.”
Anderskouv joined GlobalFoundries in 2023 as its chief business officer, managing the semiconductor manufacturer’s product and technology roadmap, business and commercial strategy and go-to-market execution. Before joining GlobalFoundries, Anderskouv served as the SVP and executive officer at chip-making giant Texas Instruments, overseeing its analog power business.
“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,” Caulfield said in the press release. “Together, Tim and Niels have the vision and experience to guide the company forward.”
GlobalFoundries has been growing its manufacturing footprint in the U.S., especially after the Biden-Harris administration finalized the company’s $1.5 billion CHIPS and Science Act funding award in November 2024. The money will help triple the existing capacity of its Malta, New York, campus over the next 10 years.
Last month, the chipmaker announced plans to build a $575 million advanced packaging and testing center in Malta, with $186 million going to research and development over the next decade.
