AMD Looking For New CEO as Dirk Meyer Resigns
Changes at the top for AMD.
AMD had a great presence at CES with its fantastic Fusion products in many vendors' devices. Today, but big news isn't about a new chip, but a shift in leadership.
AMD today announced that its Board of Directors has appointed Senior Vice President and CFO Thomas Seifert, 47, as interim CEO following the resignation of Dirk Meyer, 49, as president, CEO and a director of the company effective immediately.
Seifert will maintain his current responsibilities as CFO and has asked not to be considered for the permanent CEO position.
“AMD enters 2011 with considerable product and financial momentum. Our roadmap for the year, including our “Llano” APU and 32nm “Bulldozer” based processors remain on track,” said Seifert. “I believe we have significant opportunities to cement our leadership positions in several key market segments based on the strength of our upcoming products.”
A CEO Search Committee has been formed to begin the search for a new CEO. The committee is led by Bruce Claflin, Chairman of AMD’s Board of Directors, who has been named Executive Chairman of the Board as he assumes additional oversight responsibilities during the transition period.
“Dirk became CEO during difficult times. He successfully stabilized AMD while simultaneously concluding strategic initiatives including the launch of GLOBALFOUNDRIES, the successful settlement of our litigation with Intel and delivering Fusion APUs to the market,” said Claflin.
”However, the Board believes we have the opportunity to create increased shareholder value over time. This will require the company to have significant growth, establish market leadership and generate superior financial returns. We believe a change in leadership at this time will accelerate the company’s ability to accomplish these objectives.
AMD is announcing certain preliminary results for the fourth quarter 2010. Fourth quarter revenue increased 2 percent sequentially to approximately $1.65 billion and gross margin was approximately 45 percent.