GlobalFoundries scraps plan to appoint former top Amazon executive as CFO
Technology
GlobalFoundries scraps plan to appoint former top Amazon executive as CFO
(Reuters) - Chipmaker GlobalFoundries (GFS.O) has shelved its plan to appoint former Amazon executive Tim Stone as chief financial officer, it said on Tuesday, two months after choosing him.
The company, which did not disclose the reason in its statement, declined a Reuters request for further comment.
It said current CFO David Reeder will remain in the role through the end of the year as it looks for a new candidate.
GlobalFoundries had in May named Stone, who was at Amazon (AMZN.O) for more than 20 years and served as CFO for AWS and Devices businesses. He has also been the finance chief of Ford Motor (F.N) and Snap (SNAP.N).
The chipmaker counts companies including Advanced Micro Devices (AMD.O), STMicroelectronics (STMPA.PA), Qualcomm (QCOM.O) nd Lockheed Martin (LMT.N) among its customers.
It forecast second-quarter revenue below estimates in May as demand from the consumer electronics market remained weak. Global PC shipments fell 13.4% during the second quarter, according to IDC.
