In a surprising move, GlobalFoundries this week announced that Dr. Thomas Caulfield had been appointed executive chairman, while Tim Breen will become the new CEO, succeeding Caulfield, effective April 28, 2025. While leadership transitions happen occasionally, the Internet rumor mill (Reddit) reacted by speculating that Caulfield, who has been rumored to be a potential replacement for Pat Gelsinger, could become the next chief executive at Intel. The rumor mill also points to recent highly irregular trade activities in Intel stock as a sign that Caulfield is headed to Intel.
Before Thomas Caulfield became chief executive of GlobalFoundries in 2018, he was general manager of GF's Fab 8 300-mm facility in New York, and before that, he spent 17 years at IBM Microelectronics from 1989 to 2005. While at the helm of GlobalFoundries, Caulfield sold assets he deemed unpromising, but more importantly, he quit the leading-edge process technology race, leaving it to Intel, TSMC, and Samsung. Instead, GlobalFoundries was repurposed to become a specialty foundry, competing in completely different markets. Eventually, he made the company profitable and guided it through an IPO.
Thomas Caulfield's role change at GlobalFoundries has sparked speculation about his potential move to Intel. His departure comes without mention of retirement, and given his industry reputation, some Intel investors on Reddit believe that he could become the next CEO of Intel. Caulfield's extensive semiconductor industry experience, including his leadership at GF, operational expertise at IBM Microelectronics, and a doctorate in Materials Science from Columbia University, would make him a highly qualified candidate for Intel's CEO position.
An unusual Intel stock trade is used to reinforce this theory: On February 4, when 8,913,900 Intel shares were purchased after hours for $172 million — an amount eerily close to the $178.59 million stock-based incentive given to Intel's previous chief executive Pat Gelsinger back in 2021. The Intel stock transaction was nearly three times the company's average daily trading volume, making it a highly irregular occurrence, particularly in the after-market. Large block trades of this nature are rare for Intel, and the timing aligns suspiciously with Caulfield's announcement the following day.
However, some factors do not align with the theory. Under the terms of the GlobalFoudries shakeup, Thomas Caulfield becomes executive chairman of GlobalFoundries. Being a hands-on chairman typically involves substantial operational oversight or strategic direction, which can clash with the time demands of being a full-fledged CEO elsewhere. Naturally, one could assume that Intel wouldn't want a CEO who would spend significant amounts of time serving other companies.
Yet, Caulfield will likely have to oversee GF as Tim Breen becomes the next CEO of GF, whereas Niels Anderskouv (currently the chief business officer) will take on the roles of president and COO. Ahmed Yahia Al Idrissi, who has been chairman for over a decade, will step down.
Another factor that should be kept in mind is that while Thomas Caulfield has over 30 years of operational excellence and is deeply respected in the semiconductor industry, he has limited experience running a products company and has zero experience running a products company at Intel scale.
In general, while Thomas Caulfield has many competencies valued in the industry, his upcoming position at GlobalFoundries and some other factors do not necessarily support the theory that he is set to become the next CEO of Intel. However, Intel might be ready to make concessions to secure a CEO with industry experience. Only time will tell.
