GlobalFoundries' Tim Stone leaves company just 2 months after being appointed CFO

Shares of GlobalFoundries Inc. (GFS) rallied 1.0% in premarket trading Tuesday, after the semiconductor foundry company said Tim Stone will not assume his duties as chief financial officer, and will leave the company effective today. The announcement comes just two months after the company said it appointed Stone as the new CFO, taking over for Dave Reeder who will leave the company after transitioning the role to Stone "over the coming months." On Tuesday, the company said Reeder will stay with the company as CFO through the end of the year, as the company searches for a new CFO. Separately, the company affirmed its second-quarter financial guidance provided on May 9, including adjusted earnings per share of 46 cents to 54 cents and revenue of $1.81 billion to $1.85 billion. The FactSet consensus is for EPS of 50 cents and revenue of $1.83 billion. The stock has climbed 19.4% year to date through Monday, while the S&P 500 has advanced 14.9%.

-Tomi Kilgore

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07-11-23 0825ET

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