GlobalFoundries Announces Leadership Transition: Caulfield Named Executive Chairman, Breen Appointed CEO

GlobalFoundries (Nasdaq: GFS) (GF) has unveiled a significant leadership transition following an extensive succession planning process. The company’s Board of Directors has appointed Dr. Thomas Caulfield as Executive Chairman and Tim Breen as Chief Executive Officer, effective April 28, 2025. Caulfield takes over from Ahmed Yahia, who is stepping down after more than a decade as Chairman, while Breen, currently serving as Chief Operating Officer (COO), succeeds Caulfield as CEO. Additionally, Niels Anderskouv, GF’s Chief Business Officer, has been named President and COO, reinforcing the company’s commitment to its next phase of growth.

Reflecting on his tenure, Yahia highlighted GF’s transformation into a leading semiconductor manufacturer with a differentiated technology portfolio and a global presence. He emphasized that with a strong strategic foundation in place, the timing was ideal for the company to advance to the next level. The Board, alongside Caulfield, selected Breen as the new CEO, citing his clear vision, strategic expertise, and proven operational leadership. Yahia also underscored Caulfield’s continued involvement with GF in his new role, focusing on strategic partnerships with industry, academia, and government. The Board expressed deep appreciation for Caulfield’s leadership over the past seven years, recognizing his role in positioning the company for sustained success.

David Kerko, Lead Independent Director of the GF Board, reinforced the Board’s unanimous confidence in Breen, stating that he was the ideal candidate to guide GF into the future. Kerko noted that the Board looked forward to working closely with him as the company builds on its momentum.

Breen, acknowledging the Board’s trust in him, expressed excitement about leading GF as its next CEO. He emphasized the company’s strong position in the semiconductor industry, citing its talented workforce, advanced technology, and global manufacturing footprint. He outlined plans to collaborate with Caulfield and Anderskouv to expand GF’s portfolio, enhance customer focus, accelerate growth, and drive greater value for shareholders.

Caulfield, reflecting on Breen’s contributions, credited him with playing a key role in shaping GF’s strategy. As COO, Breen had been instrumental in integrating the company’s global operations, improving performance, and advancing digital and sustainability initiatives. Caulfield expressed full confidence in Breen’s ability to lead GF through its next stage of growth, particularly as artificial intelligence transitions from cloud-based to edge computing applications.

Caulfield’s tenure as GF’s President and CEO began in 2018, during which he steered the company toward sustainable profitability by refining its technology portfolio and focusing on essential semiconductor solutions. He also led GF’s 2021 IPO, one of the semiconductor industry’s largest, and prioritized supply chain resilience amid a global chip shortage.

Breen, based in New York, currently oversees GF’s global operations, including manufacturing, quality, supply chain, and IT. Before becoming COO in 2023, he held various senior leadership positions in strategy, business transformation, and finance, working closely with the CEO since joining GF in 2018. His prior experience includes serving as a senior executive at Mubadala Investment Company, where he led large-scale global investments across multiple industries, and holding board positions at public and private companies, including his current role as Chairman of NOVA Chemicals. Earlier in his career, he was a partner at McKinsey & Company after earning his degree from the London Business School.

Anderskouv, who joined GF in 2023 as Chief Business Officer, has been responsible for overseeing the company’s product and technology roadmap, business strategy, and go-to-market execution. With over 25 years of experience in the semiconductor industry, he previously served as Senior Vice President and Executive Officer at Texas Instruments, managing its multi-billion-dollar Analog Power division. He holds a Master of Science in Electrical Engineering from the Technical University of Denmark (DTU) in Copenhagen.

With these leadership changes, GF is poised to strengthen its market position, drive innovation, and accelerate its long-term growth trajectory.

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