GLOBALFOUNDRIES Board of Directors Appoints Ajit Manocha Chief Executive Officer

Ajit Manocha, CEO, GLOBALFOUNDRIES (Photo: Business Wire)

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MILPITAS, Calif.--()--GLOBALFOUNDRIES today announced that its Board of Directors has appointed Ajit Manocha as the company’s Chief Executive Officer on a permanent basis, effective immediately. He had served as interim CEO since June.

Manocha is a veteran semiconductor industry executive with more than 30 years of global expertise in operations, general management, and manufacturing. As interim CEO, Manocha has played a critical role in strengthening GLOBALFOUNDRIES, focusing on improving operations, increasing customer engagement, and laying the groundwork for technology leadership in the future.

“The Board worked diligently to review and interview a number of outstanding candidates who had excellent qualifications to become our CEO,” said Jim Norling, Chairman of the GLOBALFOUNDRIES Board of Directors. “We were excited to see the caliber of individuals who were eager to lead this company. In the end, we decided the best candidate is in-house and we’re extremely pleased that Ajit has accepted our offer to become our permanent CEO.”

“Ajit’s efforts over the last four months – his passion, his energy, his leadership skills and his ability to help drive the business and its operations to a new level – make him the right person to lead GLOBALFOUNDRIES forward,” said Ibrahim Ajami, Vice Chairman of the Board and CEO of the Advanced Technology Investment Company, the majority shareholder in GLOBALFOUNDRIES. “With Ajit’s confirmation, ATIC remains committed to ensuring that GLOBALFOUNDRIES becomes an industry-changing platform of innovation, customers’ preferred choice, and the leading semiconductor foundry in the world.”

In a very short time, Manocha has overseen the company’s focused effort to achieve operational excellence, boost customer satisfaction and accelerate leading-edge capacity expansion plans. GLOBALFOUNDRIES is manufacturing the foundry industry’s first High-k Metal Gate (HKMG) product, and is expected to ship more HKMG volume in 2011 than all other foundries combined. The company also is in the midst of capacity build-outs at its fabs in Germany, New York and Singapore.

“I am looking forward to accelerating the momentum our 12,000 employees have created the last four months,” said Manocha. “I have been a part of the vision of this organization since its inception three years ago and am eager to continue to drive the company forward. Given the demand from our customers, our strong global assets and our committed investor with its long-term perspective, we’ll strive for market leadership in the semiconductor foundry industry.”

Manocha previously served as Executive Vice President of Worldwide Operations at Spansion. Prior to Spansion, he served as Executive Vice President and Chief Manufacturing Officer at NXP (formerly Philips Semiconductors), where he was responsible for worldwide IC manufacturing, supply chain management and purchasing for the semiconductor division.

Manocha has held senior executive and management positions at AT&T Microelectronics and AT&T Bell Laboratories where he began his career as a research scientist. There he was granted more than a dozen U.S. and international patents for several inventions in the field of microelectronics.

ABOUT GLOBALFOUNDRIES

GLOBALFOUNDRIES is the world’s first full-service semiconductor foundry with a truly global manufacturing and technology footprint. Launched in March 2009 through a partnership between AMD [NYSE: AMD] and the Advanced Technology Investment Company (ATIC), GLOBALFOUNDRIES provides a unique combination of advanced technology, manufacturing excellence and global operations. With the integration of Chartered in January 2010, GLOBALFOUNDRIES significantly expanded its capacity and ability to provide best-in-class foundry services from mainstream to the leading edge. GLOBALFOUNDRIES is headquartered in Silicon Valley with manufacturing operations in Singapore, Germany, and a new leading-edge fab under construction in Saratoga County, New York. These sites are supported by a global network of R&D, design enablement, and customer support in Singapore, China, Taiwan, Japan, the United States, Germany, and the United Kingdom. For more information on GLOBALFOUNDRIES, visit http://www.globalfoundries.com.

CAUTIONARY STATEMENT

This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and include, without limitation, statements regarding the company's current expectations, assumptions, assessments, anticipations, objectives, plans, hopes, beliefs, intentions or strategies regarding the future. These forward-looking statements therefore are subject to risks and uncertainties which could cause actual results to differ materially. Some factors which contribute to these risks and uncertainties include the economic conditions both in the United States and around the world; the difficulties in developing new customers; the demand and supply outlook in the overall semiconductor / foundry industry; the sourcing strategy of potential customer base; competitor actions; the success of company technology alliances; construction progress on additional manufacturing facilities as well as associated governmental processes; the availability of components and equipment; labor and employment issues at manufacturing facilities; the progression of advances in technology and processes; and unforeseen events. The company has no duty to update any forward-looking statements in this release based on new information or events.

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Contacts

GLOBALFOUNDRIES
Kevin Kimball, 408-462-4143
Vice President, Global Corporate Communications
Kevin.Kimball@globalfoundries.com

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Contacts

GLOBALFOUNDRIES
Kevin Kimball, 408-462-4143
Vice President, Global Corporate Communications
Kevin.Kimball@globalfoundries.com