AMD

Advanced Micro Devices (AMD) has announced that Dirk Meyer has resigned as president, CEO and director, and will be succeeded by CFO Thomas Seifert on an interim basis while the company conducts a search for a new CEO.

Dirk Meyer has resigned as president, CEO and director of Advanced Micro Devices (AMD), and Thomas Seifert, who is current CFO of the company, will succeed him on an interim basis. The company has already formed a CEO Search Committee to look for a new successor.

Bruce Claflin, chairman of AMD’s board of directors, has stated that the change will speed up the company’s ability to “establish market leadership and generate superior financial returns.”

As quoted from Craig Berger, an analyst at FBR Capital, “I think investors will be a little bit surprised by this. I think Dirk has done a fairly good job from what I can tell as an outsider.”

“Dirk became CEO during difficult times. He successfully stabilized AMD while simultaneously concluding strategic initiatives. 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,” said Claflin.

AMD has announced a some fourth quarter preliminary results, stating that revenue increased 2% sequentially to around $1.65 billion, with gross margin of approximately 45%. The company plans to release its final fourth quarter results after market close on January 20.

SOURCE: CNBC