PRESS RELEASE
Moves Are Part of an Ongoing Customer-Focused Initiative
Milpitas, Calif. - Tuesday, November 29, 2011 - GLOBALFOUNDRIES today announced it has appointed a new Chief Financial Officer while assigning two other senior executives to key positions, as it ramps capacity at its facilities in New York, Germany and Singapore to serve demand for volume and technology from customers.
Effective today, the company appointed Daniel Durn as Chief Financial Officer; Gregg Bartlett as Chief Technology Officer; and KC Ang as head of Customer Engineering and Quality while retaining his responsibility for Fab 8 in New York. All are part of an effort to align operations and technology to better meet customer needs and market opportunity. All appointments are effective immediately.
The appointments come less than a month after the GLOBALFOUNDRIES Board of Directors confirmed Ajit Manocha as the company's Chief Executive Officer. Durn, Bartlett and Ang will report directly to Manocha. Durn replaces Robert Krakauer, who is leaving GLOBALFOUNDRIES to pursue other interests.
Most recently, Durn served as Executive Director of the Investment and Strategy Unit of the Advanced Technology Investment Company (ATIC), the shareholder of GLOBALFOUNDRIES. Bartlett will step into the newly-created CTO position, with Suresh Venkatesan succeeding Bartlett as lead of the company's Technology Development (TD) organization on an interim basis.
The appointments are part of an ongoing effort by Manocha to align GLOBALFOUNDRIES' structure to better meet the needs of its customers. Separating technology strategy and its roadmap from technology development - and better coordinating TD with manufacturing operations - will enhance time to market and operational excellence, according to the company.
"Our customers want us to be the preferred choice for them, so we are taking a hard look at our structure to ensure we are organized to meet their needs," said Manocha. "As we continue to put in place world-class talent to drive our performance, we want to make sure our technology strategy and market opportunity are working in parallel with our execution."
Durn has a distinguished career in the financial world. Prior to joining ATIC, Durn was an investment banker and a member of the Merger Leadership Group at Goldman Sachs. In addition to helping create GLOBALFOUNDRIES through the acquisition of AMD's manufacturing assets and ATIC's acquisition of Chartered Semiconductor, Durn has been an active participant in GLOBALFOUNDRIES' Board of Director and Finance Committee activities. Earlier in his career, Durn played a key role in semiconductor transactions including the sales of Artisan Components to ARM Holdings and Avago to Silver Lake / KKR consortium; Agilent's IPO divestiture of Verigy; the acquisition of PortalPlayer by Nvidia; and the sales of Agere to LSI Logic, Genesis Micro to ST Micro, and AMI Semiconductor to ON Semiconductor.
"GLOBALFOUNDRIES will continue to seek out world-class talent to help drive the company to the next level," said Manocha. "As we build on momentum to reshape the foundry landscape, we will accelerate our operational excellence and boost our strategic value to customers."
Manocha affirmed the company's intent to significantly ramp capacity in Germany, New York and Singapore, with additional investments in all three facilities in 2012 to serve customers in both mainstream and leading-edge capabilities. Fab 8 in Malta, New York, continues to install new tools and begins operations in December 2012. Currently employing about 1,000 people at the site, Fab 8 will have some 1,500 employees with an annual payroll of approximately $190 million by the end of 2012.
