AMD CEO goes - CFO made iCEO

Stephen Withers
Tuesday, 11 January 2011 13:40

IT People - People

Dirk Meyer has resigned as president, CEO and director of chip manufacturer AMD. CFO Thomas Seifert has been appointed interim CEO until a permanent appointment is made.

Mr Meyer resigned "in mutual agreement" with the company's board of directors.

He dug AMD out of a hole after a period where the company seemed unable to compete with Intel, successfully settled litigation with Intel, and oversaw the development and delivery of the Fusion chip family, but that was not enough to keep him in the job.

Company chairman Bruce Claflin said "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."

The board has appointed senior vice president and CFO Thomas Seifert as interim CEO. He will keep his duties as CFO, and does not want to be considered for the CEO role on a permanent basis.

"During his tenure at AMD, Thomas helped strengthen the company's balance sheet while demonstrating strong leadership and winning the respect of his peers. His operations and finance experience make him an excellent choice to guide the company as interim CEO," said Mr Claflin.