AMD's chief executive resigned on Monday as the company said it was
seeking a new CEO to boost the company's growth.
AMD forced out its CEO Dirk Meyer on Monday in a surprise twist of
fate for a technologist who inherited the chip maker some years ago,
when the company was in tatters, but soon managed to steer it
through a turnaround.
AMD's Board of Directors said that it has appointed Senior Vice
President and CFO Thomas Seifert, 47, as interim CEO following the
resignation of Dirk Meyer as president, CEO and a director of the
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. Seifert will maintain his current responsibilities
as CFO and has asked not to be considered for the permanent CEO
position, AMD said.
"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
"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
Much of the reason for Meyer's departure had to do with currents of discontent on the board about AMD's choice not to pursue making chips for the mobile market other than netbooks, an AMD company source told Reuters.
In October, Meyer had told analysts that even though tablets like Apple's iPad were eating into demand for laptops, AMD would hold off on investing to develop microprocessors for that market until it grew more.
The announcement came the same day that AMD's rival Intel announced
that it will pay $1.5 billion to Nvidia for a license to all of
Seifert joined AMD in 2009, and has more than 20 years of general
management, global operations and financial management expertise.
Immediately prior to joining AMD, Seifert served as COO and CFO of
Qimonda AG, where he led the formation and subsequent IPO of the
company. At Infineon AG, Seifert served as senior vice president and
general manager in its Wireless Business Group.
"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