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MALTA, N.Y. - GlobalFoundries (NASDAQ:GFS), a prominent semiconductor manufacturer with a market capitalization of $19.6 billion, announced Monday that Chief Financial Officer John Hollister has left the company effective immediately, citing personal reasons. According to InvestingPro data, the company maintains a strong financial position with a current ratio of 2.63, indicating robust liquidity management.
Sam Franklin, who has been serving as Senior Vice President of Business Finance, Operations and Investor Relations, will assume the role of Interim Chief Financial Officer while the semiconductor manufacturer conducts a search for a permanent replacement.
"We appreciate John’s valuable contributions to GF and we wish him the best," said Tim Breen, CEO of GlobalFoundries, in a press release statement. Breen expressed confidence in Franklin’s ability to serve as Interim CFO, noting his "deep experience and intimate familiarity with the company’s business, strategy and financial operations."
Franklin brings over 18 years of experience in corporate finance, investment management, and investment banking to the interim position. He joined GlobalFoundries in 2022 and has held senior leadership roles overseeing finance operations, business finance, investor relations, capital markets, and treasury functions.
The company indicated that its financial results for the third quarter are expected to be within or above previously announced guidance ranges. GlobalFoundries will host its scheduled conference call to review third quarter 2025 financial results on November 12.
GlobalFoundries manufactures semiconductors for automotive, smart mobile devices, internet of things, communications infrastructure, and other markets, with manufacturing facilities across the United States, Europe, and Asia.
In other recent news, GlobalFoundries has been in the spotlight with several significant developments. The company completed its acquisition of MIPS, aiming to enhance its capabilities in artificial intelligence and edge computing. This strategic move is expected to bolster GlobalFoundries’ portfolio in high-growth markets. Meanwhile, Jefferies downgraded GlobalFoundries from Buy to Hold, expressing concerns about the company’s ability to meet future revenue and margin targets despite its ongoing benefits from re-shoring semiconductor manufacturing to the United States.
In a collaborative effort, GlobalFoundries has partnered with Egis Technology to develop new direct time-of-flight sensors designed for various applications, including mobile devices and robotics. Additionally, GlobalFoundries and Synopsys launched a new educational program to provide university students with hands-on experience in chip design and manufacturing. The initiative, involving 40 universities worldwide, aims to equip students with practical semiconductor design skills. Furthermore, MIPS, a GlobalFoundries company, appointed Michael Zirngibl as Vice President of Business Development for the EMEA region, focusing on expanding in automotive, industrial, and communications infrastructure markets.
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