Shares of GlobalFoundries Inc. (GFS) experienced a 1.0% rally in premarket trading on Tuesday following news of a transition in the position of chief financial officer. Tim Stone, previously slated to assume the role of CFO, will no longer be joining the company effective today.
This announcement comes just two months after Stone’s appointment was announced, with the intention of him taking over from current CFO Dave Reeder who plans to leave the company after a smooth transition period, to be completed “over the coming months.”
In light of Stone’s departure, the company has confirmed that Reeder will continue to serve as CFO until the end of the year. Meanwhile, GlobalFoundries Inc. is actively searching for a suitable candidate to fill the position permanently.
Additionally, the company has reasserted its second-quarter financial guidance provided on May 9. This includes an expected adjusted earnings per share range of 46 cents to 54 cents and a projected revenue range of $1.81 billion to $1.85 billion. The current FactSet consensus stands at 50 cents for EPS and $1.83 billion for revenue.
Year to date, GlobalFoundries Inc. has seen its stock climb by an impressive 19.4% as of Monday, surpassing the S&P 500’s 14.9% gain.
