Back in 2020, then-Ford CFO Tim Stone was replaced by John Lawler after accepting a position as chief operating officer and chief financial officer at ASAPP Inc., a New York-based artificial intelligence company. Now, the former Ford exec is on the move once again, according to Biz Journals, this time heading to a familiar company – GlobalFoundries, a global leader in semiconductor manufacturing that partnered with FoMoCo back in 2021 in an effort to boost chip supplies by advancing semiconductor technology development and manufacturing in the U.S.
Tim Stone will take the place of outgoing chief financial officer David Reeder, who has served in that position for the last three years, during which GlobalFoundries went public. In addition to his time at Ford and ASAPP Inc., Stone also spent 20+ years working in various financial roles for Amazon.
GlobalFoundries is facing a bit of a crisis at the moment as the global demand for semiconductor chips has fallen following years of shortages stemming from the COVID-19 pandemic. In Q1 of this year, the company saw its revenue plunge by $99 million to $1.84 billion year-over-year, though it expects that number to grow for the remainder of 2023. However, GlobalFoundries also saw its gross profit grow in the first quarter of the year, hitting $515 million, which represents an increase of $46 million over Q1 of 2022.
“We believe that semiconductor inventories are coming down more slowly than previously expected and that the rebalancing of demand will extend at least through the second quarter, particularly in end markets such as smart mobile devices, communications infrastructure, and data centers, as well as the lower end of the consumer and home electronics markets,” said CEO Tom Caulfield.
We’ll have more on the moves of current and former Ford executives soon, so be sure and subscribe to Ford Authority for the latest Ford business news and non-stop Ford news coverage.
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