As a former GF employee and having moved onward in 2022 to pursue higher paying opportunities, I'm not sure people understand how GF is really run. The investment firm Mubadala still owns 85% aprox of GF's stock. So even though GF is a public company Mubadala still controls things with a heavy majority of the stocks since they own 85% aprox of the 500 million total shares. Mubadala has what they call an advisor inside GF who is Tim Breen. Breen basically calls the shots and CEO Tom Caulfield and CFO David Reader are Breen's puppets. With Breen running the show GF is run purely like an investment entity and financial metrics will always be put ahead of people needs. Breen believes each engineer is replaceable and all engineers at GF should be in low-cost geos and he is on a path to force this to happen. At the end of the day Caulfield and Reader are just over-paid puppets of Breen's and the Mubadala investment company, Caulfield/Reader will either do what Breen/Mubadala tell them, or they will be replaced. I think it is important for folks to really understand how GF's operations at the end of the day really functions and who is calling the shots!!! The end goal is Mubadala wants to squeeze enough financial metrics out of GF so they can sell it off, this is all they care about and this is why I left GF!!! The $30B Intel offered to buy GF back in 2021 was not enough to meet their desired returns. This should be a rally for all employees at GF to form a union, it is their only protection!!!! Good luck to all my former GF colleagues, hope you can survive the upcoming layoff!!
8 replies (most recent on top)
They are a crony capitalist company, relying on government handouts and Abu Dhabi money. They have never created anything new because the culture is so anti-change and you can't get anyone from another area to do anything. I did 3 years in that place and was so frustrated I couldn't wait to get back to where i came from. Good luck. There are a lot of good engineers but the vision for the place for improvement is pi-s poor. As for the manufacturing group, they can kiss my a-s. Totally disrespectful and think new products come from the sky so they don't have to run the experiments. That's why 7 nm wafers took 6 months from start to end. Keep kissing Shumer's a-s. That's all you have GF. Do not, do not, do not buy their stock.
The deal with Intel was real, it even had a code name inside GF. However, at $30B with 500M shares out there that is $60/share and the investment company wanted $50B, $100 per share and Intel walked. Intel is also a sinking ship but combined with GF they could make a real run at TSMC together as one company. However, this probably won't happen because the investment company is too greedy and will ride making money out until the sale or bankruptcy, which ever happens first.
@qcd+1
Why the sale to Intel didn't happen? Because Intel never offered $30B to buy GF. It was a rumor floated by GF with a paid article in WSJ, to set expectations for valuation and IPO stock price in 2021. If you read the report, the information was from GF. Intel never said anything.
@vbi even worse, people still liking the puff pieces
Why is no one commenting on LinkedIn? Hey what about all the layoffs announced one day after earning report? Or on those annoying Albany ones ??
@tjs+1jGorykX Thats a great godda-n point. The c suite get to party, pose for pictures in the media, pat themselves on the back and make hand over fist with stock options. Then they have the gall to lay everybody off and collect government welfare checks to buy more stock. It's not like were being f*ng unreasonable. People want a godda-n living wage
I agree as well. I think unionization and strike will make a point to not let them take tax payers money coming from chips act. This needs to happen soon to protect non exempts in particular as they are always easy targets. Let us hope class action suite comes soon.
Totally agree with you. This also means that GF will always be treated like an investment and employees as in entity. This also means that there will be no long term investment but opportunistic investment that makes GF investment look good and sellable. I still wonder why they did not sell GF to Intel?? Will we be ever able to get that deal ? I am worried we are loosing value as GF highest tech offering is 12 nm ( really 14 nm as we know as we called it 12 to make some money as we saw some improvement with few implants).
I agree that unionization is way to go.