GlobalFoundries names chip industry veteran Hollister as CFO

investing.com:

(Reuters) — GlobalFoundries (NASDAQ:GFS) named semiconductor industry veteran John Hollister as its finance chief on Monday, replacing David Reeder, who is leaving after a three years at the contract chipmaker.

Hollister, who started his career at PricewaterhouseCoopers, will join GlobalFoundries in February after over a two-decade stint at wireless technology firm Silicon Labs, including 10 years as its chief financial officer.

«John brings decades of experience, a proven track record as a CFO of a publicly traded company and a deep understanding of our industry,» GlobalFoundries CEO Thomas Caulfield said.

The chipmaker, whose customers include Advanced Micro Devices (NASDAQ:AMD) and Qualcomm (NASDAQ:QCOM) in July shelved its plan to appoint former Amazon.com (NASDAQ:AMZN) executive Tim Stone as finance chief, without disclosing the reason for the move.

Reeder is leaving for pet products retailer Chewy (NYSE:CHWY), who announced him as its new chief financial officer last week.

GlobalFoundries forecast its fourth-quarter profit above analysts' estimates earlier in November, a sign that the supply glut in the semiconductor industry was easing.