GlobalFoundries has announced that Chief Operating Officer Tim Breen will officially assume the role of Chief Executive Officer on April 28, 2025. Breen succeeds Thomas Caulfield, who is transitioning to the position of Executive Chairman following a careful, multi-year succession plan designed to accelerate GlobalFoundries’ next phase of growth.
Breen has been with GlobalFoundries since 2018 and became COO in 2023. In that role, he oversaw global operations, including manufacturing, supply chain, quality control, and IT, and played a central role in the company’s digital transformation. Prior to joining the firm, Breen held senior leadership positions at Mubadala Investment Company and was a partner at McKinsey & Company, and he holds an MBA from London Business School.
Board members and outgoing leadership expressed confidence in Breen’s capability to lead the company through its next growth stage. Thomas Caulfield emphasized Breen’s role as his “co‑pilot” in driving performance and said he trusts Breen “to lead the company into this next phase” of strategic expansion and execution. David Kerko, Lead Independent Director of the Board, noted Breen’s deep operational and strategic credentials as essential to GlobalFoundries’ trajectory.
As CEO, Breen inherits a company that has carved out a prominent position in specialized semiconductor markets, including automotive, RF, and industrial chips—notably stepping back from the race toward cutting-edge nodes to focus on high-value, differentiated products. Under Caulfield’s leadership, GlobalFoundries completed a successful IPO in 2021 and secured over $1.5 billion in CHIPS Act subsidies for U.S. expansion .
GlobalFoundries also recently unveiled plans to invest an additional $16 billion—comprising $1 billion more in capital expenditures and $3 billion for R&D—targeting areas like advanced packaging, silicon photonics, and gallium nitride. Breen highlighted how the company is “uniquely positioned” to support demand driven by AI and data center growth.
Despite these significant growth initiatives, GlobalFoundries closed 2024 with a $262 million net loss, driven largely by a one-time $935 million charge related to modernizing its Fab 8 facility in Malta, NY. Management has projected modest recovery in 2025, fueled by continued design wins and improving end-market demand.
Looking ahead, Breen’s top priorities will include leveraging increased federal funding and AI-related tech momentum, streamlining operations across its U.S., Europe, and Singapore fabs, and deepening customer relationships in high-growth verticals. Maintaining margins while funding aggressive R&D and capital programs will test his strategic rigor .
In assuming the CEO role, Tim Breen embodies both continuity and forward motion. His deep operational roots, strategic vision, and understanding of GlobalFoundries’ market focus align with the company’s next-stage ambitions in a consolidating chip sector. With Caulfield remaining involved as Executive Chairman, Breen will shoulder responsibility for translating the company’s expansion strategy into reliable execution and value creation.
