netrashetty
Netra Shetty
Advanced Micro Devices, Inc. (AMD; NYSE: AMD) is an American multinational semiconductor company based in Sunnyvale, California, that develops computer processors and related technologies for commercial and consumer markets. Its main products include microprocessors, motherboard chipsets, embedded processors and graphics processors for servers, workstations and personal computers, and processor technologies for handheld devices, digital television, automobiles, game consoles, and other embedded systems applications.
AMD is the second-largest global supplier of microprocessors based on the x86 architecture and also one of the largest supplier of graphics processing units. It also owns 8.6% of Spansion, a supplier of non-volatile flash memory.[2] In 2010, AMD ranked twelfth among semiconductor manufacturers in terms of revenue.[3]
In the meantime, a special committee has been formed to begin searching for a new CEO since Seifert asked not to be considered as a candidate for this position.
The committee is led by Bruce Claflin, hairman of AMD’s Board of Directors, who has assumed 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,” continues Claflin.
The move is extremely strange since rarely does a CEO leave so suddenly, without leaving time for a replacement to be found, especially when the company is so near to a major product launch.
Meyer joined AMD in 1996 together with other DEC engineers that left after Compaq's acquisition.
At AMD, Meyer lead the team that designed and developed the initial Athlon processors as well as the following K8 – Athlon 64 architecture.
After Hector Ruiz resigned as CEO in July 2008, Meyer was named in its place where it managed to turn around the company's finances, its stock price going up from less than $2 to more than $9 a share.
Together with this announcement, AMD also released some preliminary Q4 2010 financial results.
According to the company, its revenue increased 2 percent sequentially to approximately $1.65 billion and gross margin was approximately 45 percent.
]
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.
AMD is the second-largest global supplier of microprocessors based on the x86 architecture and also one of the largest supplier of graphics processing units. It also owns 8.6% of Spansion, a supplier of non-volatile flash memory.[2] In 2010, AMD ranked twelfth among semiconductor manufacturers in terms of revenue.[3]
In the meantime, a special committee has been formed to begin searching for a new CEO since Seifert asked not to be considered as a candidate for this position.
The committee is led by Bruce Claflin, hairman of AMD’s Board of Directors, who has assumed 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,” continues Claflin.
The move is extremely strange since rarely does a CEO leave so suddenly, without leaving time for a replacement to be found, especially when the company is so near to a major product launch.
Meyer joined AMD in 1996 together with other DEC engineers that left after Compaq's acquisition.
At AMD, Meyer lead the team that designed and developed the initial Athlon processors as well as the following K8 – Athlon 64 architecture.
After Hector Ruiz resigned as CEO in July 2008, Meyer was named in its place where it managed to turn around the company's finances, its stock price going up from less than $2 to more than $9 a share.
Together with this announcement, AMD also released some preliminary Q4 2010 financial results.
According to the company, its revenue increased 2 percent sequentially to approximately $1.65 billion and gross margin was approximately 45 percent.
]
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.