Globalfoundries has made the surprising announcement that its chief executive and chief operating officer will stand down, just as the company launches a major investment push.
Long-time chief executive Doug Grose will move to a senior advisor role, and will be replaced by Ajit Manocha, chief executive of the Advanced Technology Investment Company (ATIC), which owns a majority stake in Globalfoundries.
"This has caught some people by surprise, but it looks like a straightforward management issue," Len Jelinek, chief analyst at IHS iSuppli, told V3.co.uk.
"Some chief executives are better at certain roles. Grose was great at getting Globalfoundries set up, but maybe a change is warranted."
Chief operating officer Chia Song Hwee, meanwhile, will leave in August and return to an unspecified role in Singapore.
James Norling, former chairman of Chartered Semiconductor Manufacturing, has also been appointed executive chairman of the board.
"Globalfoundries is just two years old, but in that short time customers have embraced what it represents to the market," said Norling.
"At the same time, customers are asking us for more capacity, faster technology delivery and greater agility. The board intends this new management team to meet those customer needs while improving operational performance."
The move comes as Globalfoundries begins the second phase of a significant investment push.
The company will spend $6bn on new chip fabrication plants in Dresden, Singapore and New York, on top of the $2.1bn spent acquiring AMD's chip arm and $3.1bn for Singapore chip firm Chartered Semiconductor.
"Globalfoundries, with the continuous support of ATIC, is in the middle of an intense, competitive ramp-up of manufacturing capacity and technology development," said Ajami, who will also remain chief executive of ATIC.
"Under this new leadership team, investment in Globalfoundries will double over the next 18 months."
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