News Summary

  • Semiconductor manufacturer GlobalFoundries issued a press release on Wednesday announcing that Sam Franklin willpermanently serve as Chief Financial Officer, after serving as interim CFO since October.
  • The appointment comes about two months after Franklin took over as interim CFO. Former CFO John Hollister left for personal reasons after just over a year in the role, as previously reported by CFO Dive.
  • CEO Tim Breen said in the press release: "Franklin's proven leadership and financial expertise will accelerate GF's momentum and capture significant future opportunities. As we continue to drive profitability and provide differentiated technology for AI's expansion from data centers to the physical world, Sam's delivery capability and cross-organizational collaboration skills are critical to our success."

Deep Insights

Before serving as interim CFO, Franklin served as Senior Vice President of Business Finance, Operations, and Investor Relations at GlobalFoundries. He joined the company in September 2022 as Vice President of Capital Markets, Finance, and Investor Relations, according to his LinkedIn profile. Before joining GlobalFoundries, he served as Senior Vice President of Direct Investments at Mubadala, the UAE sovereign investor, and held a director position at MUFG.

The company hopes to leverage Franklin's "extensive financial leadership experience" and "deep understanding of operational and financial functions" to seize opportunities from the AI boom—striving to take a leading position in an increasingly competitive industry amid rising global chip demand driven by AI.

Franklin said in the appointment announcement: "As long-term drivers and demand in the semiconductor sector continue to grow, GF is laying a solid foundation for its next phase of strong, sustainable, and profitable growth. I look forward to working with the excellent global team to advance strategic priorities, enhance operational excellence, and create long-term value for shareholders."

Over the past few months, GlobalFoundries has announced a series of partnerships, investments, and executive appointments to promote further growth. In October, the day after announcing Franklin as interim CFO, GlobalFoundries announced it would invest approximately $1.3 billionto expand its manufacturing site in Dresden, Germany, with the goal of increasing capacity to over 1 million wafers by the end of 2028.

On Thursday, GlobalFoundries announced a partnership with German technology company Siemens AG to "leverage both parties'complementary AI capabilitiesto enhance performance in semiconductor manufacturing and advanced industries," according to its press release.

The company also madestrategic executive appointments, hiring Matthew Zack as Chief Corporate Development Officer—with a focus on M&A, strategic partnerships, and targeted venture investments to expand its global technology portfolio, according to a December 1 announcement.

GlobalFoundries' growth initiatives come amid intensifying global competition driven by rising chip demand. According to a recent Bloomberg report, government and business leaders in the United States, China, and the European Union are racing to become dominant players in semiconductor manufacturing.

For example, under President Donald Trump, the U.S. governmentacquired a 10% stake in chipmaker Intelto support U.S. manufacturing. Chips have also become a key battleground in the Trump administration's trade negotiations with China. Last month, the two countries reached an economic agreement, part of which involved China lifting investigations and restrictions on U.S. semiconductor companies, according to a White House fact sheet released on November 1.

Trump's plan, proposed in August, to impose a 100% tariff on semiconductor imports has reportedly been delayed, with Washington officials discussing its timing and details, according to a Reuters report on November 20 citing sources familiar with the matter.

In a statement to Reuters, a White House spokesperson denied reports of the discussions, stating that "the Trump administration remains committed to using every executive power lever to bring manufacturing critical to our national and economic security back home. Any contrary reports based on anonymous sources are fake news."

GlobalFoundries did not immediately respond to a request for comment.