(Reuters) - Contract chipmaker GlobalFoundries ( GFS ) has appointed Tim Breen as its chief executive officer, the company said on Wednesday.

Breen will succeed Thomas Caulfield who will transition to become the company's executive chairman, while Niels Anderskouv will be appointed President and Chief Operating Officer.

The changes will go into effect in April this year.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid and Mrigank Dhaniwala)