company said Tim Stone will not assume his duties as chief financial officer, and will leave the company effective today. The announcement comes just two months after the company said it appointed Stone as the new CFO, taking over for Dave Reeder who will leave the company after transitioning the role to Stone “over the coming months.
🤔
https://www.marketwatch.com/story/globalfoundries-tim-stone-leaves-company-just-2-months-after-being-appointed-cfo-813b0bfe
22 replies (most recent on top)
Other than conjecture, is anyone with close-to-source knowledge willing to offer any hints?
As soon as I read TC’s email to all of us announcing that- I felt something wen5 south btw Tom and Tim, as if Tim was not aware of something he should’ve been prior to arriving to HQ.
Our team manager very quickly knocked the ball out to “oh I’m sure he found a better deal at another company.”
CFOs don’t make a commitment and watch GF let press releases run to the world for months if they don’t intend to stay.
Imo No way he left so flippantly.
He’s a solid CFO with a track record showing longevity with companies.
It’s my own conjecture and deduction that makes me think Mr Stone left for one of 2 reasons: 1) a big enough disagreement on leadership / future imminent business strategy btw himself and SLT, or 2 ) nuanced financials he was unaware of before arriving to Malta.
There is something definitely strange about this story and hopefully someday the details will be revealed. It certainly can't be about money because as we saw Reeder was paid very well from all the stock options and RSUs he cashed in. My guess is either Stone figured out quickly that TC is a dominating id--t who values nobodies opinions but his own or he uncovered something wrong financially with the way GF reports things and didn't want to go down with the ship when things are exposed. What has happened to ethics at GF? Ethics only seems to be held against non-execs while execs can continue to write their own rule book. The head of ethics JT needs to be fired and replaced with someone who applies ethical policies starting at the CEO all the way down to every employee. Do the right thing JT and start holding execs responsible or else leave and let someone else do that role.
Pretty sure he uncovered tons of sh-t and wouldn't want to be jailed.
No smart person will stay in GF.
@itlg it seems our CEO cannot work with peers, he can only be a dictator and tell others what to do. If we really think back TC was never a superstar at IBM nor was he really at GF, he led Malta fab but overall that fab is struggling due to some decisions he made back in the day. The BoD needs to kick TC to the curb and find someone who actually knows the foundry business, not some washed up former IBMer who was never really any good to begin with. Overall TC is an arrogant pr--k who can't work well with others, he is destroying GF!!!
Sounds on brand for Globalfoundries along with se-ual as--ults/harassment.
Word has it that the exchanges with Tom practically became physical to the point where lawsuits were threatened.
This CFO leaving after two months is actually a legit concern among all.
Your normal fake posts and rants about nothing warrant the actions of others to call you out.
Smart move. He didn’t want his reputation and career ruined by being associated with a company run by a bunch of incompetent rejects and crooks.
I wonder if this is related to Intel buying GF? If they do they will surely take out many high level execs and replace them with their own.
I guess some people need to actually climb into the dumpster to realize it's on fire....
"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) and Lockheed Martin (LMT.N) among its customers.
It forecast second-quarter revenue below estimates in May as demand from consumer electronics market remained weak. Global PC shipments fell 13.4% during the second quarter, according to IDC." - Reuters
https://www.reuters.com/technology/globalfoundries-scraps-plan-appoint-former-top-amazon-executive-cfo-2023-07-11/
Where is that clown poster who defends all this type of stuff? How are you going to spin this one you je----f
That's "Stone Cold"
Clever rat. Abandoned the sinking ship before properly boarding
Holy sh-t - yea got a good look at everything and said fuuuuccckkkk that! Stone out!
He probably saw some questionable maybe criminal activities and didn’t want to be the one to go down for it
"just 2 months after being appointed CFO"
what he saw was that bad, wow
"In May, GlobalFoundries said Stone would succeed Reeder after a transition period. Stone most recently served as CFO of a privately owned AI software company and has previously served as CFO of Ford Motor and Snap."
sus
New CFO quits just 2 weeks ahead of Q2 financial reporting. Guess he smelled the BS Tom is dropping in the halls.
😂😂 whenever something cr-ppy happens at GF it makes my heart happy.
Wow this is the worst news, This guy saw all the books, all the numbers and says heck no I'm not going to jail for global.