GlobalFoundries scraps plan to appoint former top Amazon executive Tim Stone as CFO

Chipmaker GlobalFoundries has shelved its plan to nominate former Amazon govt Tim Stone as chief monetary officer, it stated on Tuesday, two months after selecting him.

The firm, which didn’t disclose the rationale in its assertion, declined a Reuters request for additional remark.

It stated present CFO David Reeder will stay within the position via the tip of the yr because it appears for a brand new candidate.

GlobalFoundries had in May named Stone, who was at Amazon for greater than 20 years and served as CFO for AWS and Devices companies. He has additionally been the finance chief of Ford Motor and Snap.

The chipmaker counts firms together with Advanced Micro Devices, STMicroelectronics, Qualcomm and Lockheed Martin amongst its prospects.

It forecast second-quarter income beneath estimates in May as demand from shopper electronics market remained weak. Global PC shipments fell 13.4% throughout the second quarter, in line with IDC.

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