Contract chipmaker GlobalFoundries has appointed Tim Breen as its chief executive officer, the company said on Wednesday.

In addition to the appointments of Tim Breen and Niels Anderskouv as chief executive and COO, the semiconductor giant’s chairman of the board is stepping down after 12 years in the role.

GlobalFoundries Inc. (GF), the world's third-largest contract chip manufacturer, announced that Chief Operating Officer (COO) Tim Breen will succeed Tom Caulfield as CEO, while Caulfield will transition to chairman.