GlobalFoundries’ CFO John Hollister steps down, replaced by Sam Franklin. The chipmaker plans to invest $16 billion in U.S. facilities. GlobalFoundries focuses on producing advanced chips for automotive and smartphones, not cutting-edge AI chips like TSMC. Hollister’s departure is due to personal reasons. Franklin, VP of business finance, takes over.

TSMC leads in manufacturing advanced processors for Nvidia, AMD, Qualcomm. GlobalFoundries produces essential chips for electronic systems. Franklin, now CFO, has experience in banking and finance. GlobalFoundries’ largest shareholder is Mubadala, a unit of Abu Dhabi’s sovereign wealth fund. CEO Tim Breen expresses confidence in Franklin’s abilities.

GlobalFoundries’ adjusted gross margin struggles to exceed 20-30% due to pricing issues and competition. The company is expected to report a 4% drop in quarterly revenue to $1.68 billion, with profits expected to fall by 8% to $165.4 million on November 12. CEO Breen emphasizes the company’s focus on strategic priorities.

Read more at Yahoo Finance.: GlobalFoundries finance chief John Hollister departs, Sam Franklin named interim CFO