GLOBALFOUNDRIES Announces Chief Financial Officer Transition
Robert Krakauer named new CFO of GLOBALFOUNDRIES
Sunnyvale, Calif. - August 2, 2010 - Today GLOBALFOUNDRIES announced the appointment of Robert Krakauer as the company's new chief financial officer. Krakauer joins GLOBALFOUNDRIES from LifeLock, Inc. where he served as chief financial officer. Reporting to GLOBALFOUNDRIES Chief Executive Officer, Doug Grose, Krakauer takes over responsibility for the company's overall financial management, reporting and strategy, and financial analysis functions.
Krakauer succeeds Bruce McDougall, chief financial officer of GLOBALFOUNDRIES since the company's launch in March 2009. McDougall will assume a new role as chief financial officer of ATIC, the majority shareholder of GLOBALFOUNDRIES.
"As we continue to transform our business, the need to drive financial discipline and cost efficiency remains critical. This combined with billions of dollars in capital investment commitments to grow our business and provide value to our customers and shareholders makes our finance function more important than ever before, said Doug Grose, chief executive officer, GLOBALFOUNDRIES. "With more than twenty years of experience in financial leadership, including more than a decade of experience in the technology sector, Bob will help GLOBALFOUNDRIES strengthen its financial performance as it prepares to meet the rising demand for global semiconductor foundry services. I would like to thank Bruce for his outstanding contributions in launching the company, leading the financial organization through a period of tremendous transition, transformation and growth while supporting the overall needs of the business in the first 16 months or our existence."
Prior to his role as CFO for LifeLock, Krakauer served as President and CFO for MagnaChip Semiconductor in Seoul, Korea and served as the Executive Vice President, Corporate Operations and Chief Financial Officer for ChipPac, Inc., which he helped go public on NASDAQ. Krakauer also held an executive leadership role in finance and business development for AlliedSignal after more than a decade of experience in different financial leadership roles for several leading global companies.
GLOBALFOUNDRIES is the world's first full-service semiconductor foundry with a truly global manufacturing and technology footprint. Launched in March 2009 through a partnership between AMD [NYSE: AMD] and the Advanced Technology Investment Company (ATIC), GLOBALFOUNDRIES provides a unique combination of advanced technology, manufacturing excellence and global operations. With the integration of Chartered in January 2010, GLOBALFOUNDRIES significantly expanded its capacity and ability to provide best-in-class foundry services from mainstream to the leading edge. GLOBALFOUNDRIES is headquartered in Silicon Valley with manufacturing operations in Singapore, Germany, and a new leading-edge fab under construction in Saratoga County, New York. These sites are supported by a global network of R&D, design enablement, and customer support in Singapore, China, Taiwan, Japan, the United States, Germany, and the United Kingdom.
For more information on GLOBALFOUNDRIES, visit http://www.globalfoundries.com.
This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include, without limitation, statements regarding the company's current expectations, assumptions, assessments, anticipations, objectives, plans, hopes, beliefs, intentions or strategies regarding the future. These forward-looking statements therefore are subject to risks and uncertainties which could cause actual results to differ materially. Some factors which contribute to these risks and uncertainties include the economic conditions both in the United States and around the world; the difficulties in developing new customers; the demand and supply outlook in the overall semiconductor / foundry industry; the sourcing strategy of potential customer base; competitor actions; the success of company technology alliances; construction progress on additional manufacturing facilities as well as associated governmental processes; the availability of components and equipment; labor and employment issues at manufacturing facilities; the progression of advances in technology and processes; and unforeseen events. The company has no duty to update any forward-looking statements in this release based on new information or events.