And finally the rabbit is out of the hole. Reeder is leaving. No wonder he got rid of all the stock back in February because he knew the earnings were going to drop the stock is going to fall. It was a fantastic gig making 16 odd million in five years with BS
17 replies (most recent on top)
Yea it is insane we even hired him or associate with someone with questionable history and business ethics. But that is Globalfoundries is - where the rejects, scoundrels and out right criminals of the semiconductor industry end up when they get drummed out of more reputable companies and no one else will hire them
It sure does seem that Reeder has a troubled history. Must be TC and team were too lazy to do a background check on who they were making CFO. https://www.piworld.com/article/printer-supplier-lexmark-international-to-lay-off-700-workers-target-of-class-action-lawsuit/
to @2eaw and all,
Mr. Reeder should not been hired after fooling Lexmark investors (see the Lawsuit below - "Lexmark misled investors and cost shareholders millions").
Fooled'em once - shamed on him, fooled'em twice / escaped???
He does have this one skill, doesn't he?
Who's jumping GloFo ship next?
https://www.kentucky.com/news/business/article163476943.html
David Reeder did the right thing. Smart chap. We all should learn from him. Escape while ship still afloat.
I doubt he works again. At least not as a CFO. Not because of all the money he made. But other companies will see this and we did at Globalfoundries and be like wtf?
You can track Reeder's sales of GF stock here, he won't be applying for unemployment after he leaves let's put it that way!!! https://www.theglobeandmail.com/investing/markets/stocks/GFS-Q/insiders/
Reeder Is a sc-mbag. He could have tried to right the ship but he did the selfish cab grab and bounced.
Reeder is a good business man but writing was on the wall when he cashed out all his stock earlier this year, he taught Caulfield what little he knows about business. The problem is GF doesn't have techs (not differentiated enough) which give enough gross margins to reinvest in the future and not fall behind competition. The clown on here who posted oh we only lost 5% revenue yes but the gross margins still suck, wake up TC bu-t boy and get a clue about what matters in business especially in a company which is heavily capital intensive and how much gross margin you need to make to reinvest back in company to stay competitive even at older nodes!!
Another SLT member who bled GF for millions of dollars cashes out and make his exit. Next!
GF has become place for all rejects, failures and junks. I am planning to leave next week. Bye GF
It is very good to increase the talent quality and experience of the SLT. TC's time as CEO is overdue....he has plateaued and has reached the limits of his capabilities as CEO for GF....and he's no Lisa Su.
David Reeder was last good leader left.
Thank you, TC, for you heralding leadership. When semiconductor companies are seeing major slumps, including Intel announcing another major layoff and the worst quarterly loss in the company’s history, you have steered the GF ship to a direction of differentiated products, only leading to a measly 5% drop, when other companies have seen double digits, during bad economic times.
Thank you, TC, and the SLT team, which is only going to be strengthened by the outside hires from TI and AWS.
David Reeder departure is big blow to GF. Seems all leaving the ship before it sinks.
Rats abandoning or being pushed off the ship?
The ship has sprung a leak, everyman and Globalwonlmen for themselves.
🐀🐀🐀🐀🐀
Insider trading?
Also CBO is being replaced. Could be a good news depending on new guy. The existing CBO is a complete reject from industry