Top Executives Resign at Globalfoundries

Globalfoundries, the semiconductor manufacturing service controlled by investors from Abu Dhabi, said its top two executives are stepping down in a move aimed at speeding up the company’s execution.

The Milpitas, Calif. company sprung from the spinoff of the manufacturing operations of Advanced Micro Devices Inc., and was later combined with Singapore-based Chartered Semiconductor Manufacturing Ltd.

Globalfoundries said Chief Executive Doug Grose, a former AMD executive who spent 25 years at International Business Machines Corp., will step down and become a senior advisor to the company. Chief Operating Officer Chia Song Hwee, Chartered’s former CEO, will step down in August and return to Singapore, the company said.

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