AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

Summary: AMD CEO, president and director Dirk Meyer has resigned, effective immediately. Senior Vice President and CFO Thomas Seifert has been appointed as interim CEO.

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TOPICS: CXO, Processors
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AMD CEO, president and director Dirk Meyer has resigned, effective immediately. Senior Vice President and CFO Thomas Seifert has been appointed as interim CEO.

Reading between the lines of the press release, I feel that Meyer might have been pushed, or his jump from the company mutual at the very least.

AMD is now looking for a CEO that will oversee "significant growth, establish market leadership and generate superior financial returns" rather than just see AMD "stabilized."

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.

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.

"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."

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.

In commenting on Seifert, Claflin said, "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."

"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."

AMD Announces Certain Preliminary Fourth Quarter 2010 Results

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. In addition, the company reaffirms its 2011 annual financial guidance as disclosed at its Financial Analyst Day last November.

AMD plans to release its final results for the fourth quarter after market close on Thursday, January 20, 2011, with a conference call at 2 p.m. PT/5 p.m. ET to provide additional details.

Topics: CXO, Processors

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17 comments
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  • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

    The Associated Press reports that the decision for a change in CEO was mutual.
    bionicbub
    • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

      @bionicbub

      What else is AMD going to say? The Truth? That'll be the day.
      SkiddMarxx
  • foolishness

    this guy pulled amd from out of a hole that hector ruiz made. i like amd as much as the next guy. but dirk in my opinon is what the company needs right now. this is not good for AMD
    saneblane
  • Kicked to the Curb

    Wow. The father of Fusion is kicked out the door. Not a very good sign.
    Mapou
  • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

    Right so AMD, a company which completely hit the rocks, is pulled back from the brink by Dirk. Then suddenly he is not the right guy for the "good times". A regular company is going to reward a successful CEO like Dirk. So the whole story smacks of BS and doesn't bode well for the future of AMD...
    Bob Wya
  • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

    AMD is going down.

    Why? The fact they hired a guy with the first name "Dirk" to be their CEO, that's reason enough.
    james347
    • Ok. So what's wrong with the name Dirk?

      @james347
      It's a name. What of it?
      Wolfie2K3
    • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

      @james347 and whats your name? Dick?
      Par-Pro
  • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

    This cat is headed to the gym with a popped collar to show everyone how jacked and tan he could get .
    BDB Dominator
  • Seems like bad timing...

    About all that Meyer COULD have done was stabilize the company. During his time at AMD the company was playing runnerup in CPU performance, so all they really had to offer was price; he managed to use that as effectively as anybody was likely to. The ATI graphics line was better positioned but has the problem that mainstream PCs don't even have discrete graphics cards in them any more, so AMD's line was getting an increasing share of a shrinking pie.

    It's true that the company will have more opportunity for growth going forward, as their engineers have come up with more competitive chips for mainstream PCs and for thin-and-light notebooks. (AMD still doesn't have a product that can compete with the high end Core i7 chips.) But I see no reason to believe (from outside) that Meyer would have been incapable to taking advantage of those opportunities, now that they are actually at hand.
    mark@...
    • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

      @mark@... AMD was was not playing runner up some of the time. When the Phenom II 965 first came out it was the leader for a short time. In my book, not spending $1000 for the fastest cpu is a winner all the time AMD still rocks. Something Intel will never do...
      Pyrotech_z
  • This is NOT a positive indicator.

    It makes me wonder if the coming Bulldozer chips are already a problem. As an AMD fan, I'm nervous.

    AMD needs a lot of work on their reputation, both as a business and as a technology manufacturer. Publicity surrounding this move in top management isn't going to help. No matter what, it appears they are floundering.
    djchandler
  • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

    AMD as a chip manufacturer, got a loyal following from young people that were playing games during the 90's! And then the giant got wise and started hitting with chips that walked off and left them almost literally 'in the dust'! All of their innovations that had made them gain on Intel suddenly meant nothing! They even had to go outside to other dye makers to make the products to stay in business!

    In a move of desperation they bought ATI, a graphics board designer that kept trading the top slot with Nvidia. The resulting hoopla from the trade journalists was that ATI should?ve bought AMD; AMD was going to ruin ATI; ATI was going to build a superchip that did processing and gaming graphics on the MOBO! On and on?

    And now they want to can the guy that saved them? Or did he see the writing on the wall and leave a slowly sinking ship? For AMD to stay relevant they need to INVENT something new, NOT keep relying on the speed, number of cores on dye, or built-on-chip graphics that even Intel is finding hard to do!

    Nvidia is even coming out with a new superchip? This can?t be good for AMD! The next couple of years look for a shakeup in the chip world, and AMD to either become an innovator, or a dinosaur!
    barefoot1976
  • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

    It used to be that if you wanted to learn about an Intel CPU you got ahold of an AMD manual.
    Great products, poor market share. That's when the knives come out.
    ercillor
  • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

    Ouch! If I were the board, I'd be looking for a buyer. I love my Athlon64 X2 and my Turion, but ATI "GPUs" simply aren't competitive with NVidia's. Sad.
    ThoughtFollower-23855554368340454166801624405803
  • Don't worry guys

    I'll do it.
    shaunehunter
  • RE: AMD CEO resigns, interim CEO appointed, company on prowl for new CEO

    I heard it was a rumor of course, he got canned because he didn't (Dirk) want to get into the ARM's race. They make processors for the Wii and other consoles, plus their line of pc processors, plus the ATI acquisition. <br> The BOD crapped on their messiah, and now I am left to wonder if they can survive this? AMD lives on the edge, and now the BOD has left the road and heading for a cliff which they might not be able to pull back from.
    trust2112@...