AMD CEO Meyer resigns, search underway for replacement

AMD said today that President and CEO Dirk Meyer has resigned his position and that the Senior VP and CFO Thomas Seifert has moved into the interim position while a board committee conducts a search for new CEO. The reason behind Meyer's departure seems to be driven by the company's growth, leadership and financial goals.

The moves are effective immediately. In a statement, the company praised Meyer for his leadership during difficult times but said a change in leadership was necessary. Seifert, who will keep his CFO responsibilities during the transition, has asked to not be considered for the permanent CEO position. Board chairman Bruce Claflin, who will lead the committee to search for Meyer's replacement, 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... 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.

The company also announced preliminary fourth quarter results ahead of its earnings release on Jan. 20. The company said fourth quarter revenue was up 2 percent sequentially to about $1.65 billion and that gross margin was about 45 percent. Wall Street was expecting earnings of 11 cents per share on revenue of $1.61 billion and gross margins of 45 percent.

The company also reaffirmed its 2011 annual financial guidance.