Feeds

AMD CEO Dirk Meyer resigns

CFO steps into breach

Internet Security Threat Report 2014

Mere days after AMD's "Fusion era" began, the Dirk Meyer era ended. The company's president and CEO resigned Monday afternoon, effective immediately.

"Dirk became CEO during difficult times. He successfully stabilized AMD while simultaneously concluding strategic initiatives including the launch of Global Foundries, the successful settlement of our litigation with Intel and delivering Fusion APUs to the market, said AMD board chairman Bruce Claflin in the traditional nicey-nice send-off statement.

Those complimentary comments completed, however, Claflin continued in a more-direct manner: "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 first step in that leadership change is CFO Thomas Seifert immediately stepping into Meyer's shoes as interim CEO while a search committee led by Claflin trolls for a new CEO to lead the struggling company. While that worthy is being identified, Claflin will upgrade his title to executive chairman.

In addition to taking the reins as interim CEO, Seifert will continue his CFO duties while Claflin "assumes additional oversight responsibilities." Seifert, AMD reports, "has asked not to be considered for the permanent CEO position."

To calm investors, AMD also made public some preliminary results for its fourth quarter of 2010: revenue of approximately $1.65bn, an increase of two per cent when compared with its third quarter results.

Those figures come as no surprise. During a conference call with reporters and analysts when those third-quarter figures were announced, Seifert said "For the fourth quarter of 2010 we expect revenue to be approximately flat as compared to the third quarter."

And so they were.

Wall Street reacted negatively to the news – but only slightly: during Monday's trading AMD's stock rose by a bit over 4 per cent, and during after-hours trading immediately following the announcement, the stock dropped approximately the same amount. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.