Feb 5 (Reuters) - GlobalFoundries ( GFS ), the world's

third-largest contract chipmaker, said on Wednesday it has

appointed Tim Breen as its chief executive officer.

Breen, who has been with the company since 2018 and has

served as its COO since 2023, will succeed Thomas Caulfield in

the top role.

Prior to joining GlobalFoundries ( GFS ), Breen held a senior

executive position at Mubadala Investment Company, Abu Dhabi's

sovereign wealth fund and GlobalFoundries' ( GFS ) largest stakeholder.

Caulfield, who led GFS through its 2021 IPO after being

appointed CEO in 2018, will transition to executive chairman.

The company also announced that Niels Anderskouv will be

appointed as president and replace Breen as the COO.

GlobalFoundries ( GFS ) has been seeing a pickup in demand for its

chips owing to a recovery in the smartphone market, although it

still faces sluggishness in industrial and automotive end

markets.

Last year, the Malta, New York-based company

received subsidies worth around $1.5 billion

for expanding its chips business as part of the U.S.

government's plans to boost domestic manufacturing.