GlobalFoundries names chip industry veteran Hollister as CFO


FILE PHOTO: A view of the U.S. chipmaker GlobalFoundries' new fabrication plant in Singapore, September 12, 2023. REUTERS/Edgar Su/File Photo

(Reuters) - GlobalFoundries named semiconductor industry veteran John Hollister as its finance chief on Monday, replacing David Reeder, who is leaving after a three years at the contract chipmaker.

Hollister, who started his career at PricewaterhouseCoopers, will join GlobalFoundries in February after over a two-decade stint at wireless technology firm Silicon Labs, including 10 years as its chief financial officer.

"John brings decades of experience, a proven track record as a CFO of a publicly traded company and a deep understanding of our industry," GlobalFoundries CEO Thomas Caulfield said.

The chipmaker, whose customers include Advanced Micro Devices and Qualcomm in July shelved its plan to appoint former Amazon.com executive Tim Stone as finance chief, without disclosing the reason for the move.

Reeder is leaving for pet products retailer Chewy , who announced him as its new chief financial officer last week.

GlobalFoundries forecast its fourth-quarter profit above analysts' estimates earlier in November, a sign that the supply glut in the semiconductor industry was easing.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Tasim Zahid)

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