Globalfoundries, the semiconductor company that spun out of Advanced Micro Devices, announced the abrupt exit of its newly-appointed CFO on Tuesday.
Tim Stone, who was due to start at Globalfoundries after CFO stints at Snap Inc (NYSE:SNAP) and Ford Motor Company (NYSE:F), will not assume his duties and instead will depart the company on July 11, according to a statement from the company.
No reason was given for Stone’s about-face.
Previously outgoing CFO David Reeder will remain in the role through the end of the year as the company searches for a new candidate, Globalfoundries said.
The surprise news caused Globalfoundries stock to drop more than 2% on Tuesday morning.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas