Another CEO Steps Off the AMD Carousel
January 10, 2011 7:01 PM
comment(s) - last by
Dirk Meyer is stepping down from the position of CEO at AMD.
(Source: ITP Images)
He will be replaced temporarily by CFO Thomas Seifert.
Ruiz lasted five years, Meyer only two and a half at chipmaker AMD
Advanced Micro Devices has struggled over the last few years. Despite having briefly
seized the discrete graphics sales lead
from NVIDIA (courtesy of acquisition ATI) and having its first competitive CPU product in a couple years (
) in some regard (power efficiency), the chipmaker faces an uphill battle.
Though it beat analyst estimates, the company
in Q2 and Q3 2010, after having enjoyed its first profitable quarters in some time in Q4 2009 and Q1 2010 (thanks in part to a
$1.25B USD civil suit payout
from rival Intel).
Now the company has announced [
] that its Chief Executive Officer, Dirk Meyer will leave the company immediately as per a "mutual agreement" with the company's board of directors.
Bruce Claflin, chairman of the board since March 2009 comments on the split with Mr. Meyer, "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."
Mr. Meyer had assumed the role of CEO in July 2008, placing his reign at just under two and a half years. He replaced Hector Ruiz, AMD's long-time chief from between 2002 to 2007. He was integral in orchestrating the closing of Mr. Ruiz's deal for ATI and smoothing the GPU and CPU divisions' integration and collaborative efforts.
Mr. Ruiz had been billed as the replacement for long-time CEO Jerry Sanders, who co-founded the company and served as President and CEO from between 1969 and 2002.
The CEO picture thus becomes somewhat unsettling for the chipmaker -- the original CEO stayed 23 years, the next 5, and the most recent a mere two and a half. This shortening longevity is almost certainly reflective of the company's growing struggles, similar to U.S. automaker General Motors'
uncontrollably accelerating rate of CEO turnover
Replacing Mr. Meyer is CFO and Senior Vice President Thomas Seifert, who will serve as interim CEO while a long term replacement is searched for. Mr. Claflin will lead the CEO search committee. An interim replacement CFO has not been announced -- Mr. Seifert will presumably hold down the positions of CEO and CFO.
Mr. Seifert promises to stay on course with the company's key objectives, commenting, "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. I believe we have significant opportunities to cement our leadership positions in several key market segments based on the strength of our upcoming products."
This article is over a month old, voting and posting comments is disabled
RE: It's safe to say
1/11/2011 1:42:06 PM
People have been saying the same thing since the mid 90's. It isn't going to happen anytime soon.
"Paying an extra $500 for a computer in this environment -- same piece of hardware -- paying $500 more to get a logo on it? I think that's a more challenging proposition for the average person than it used to be." -- Steve Ballmer
AMD Fusion Netbook Processors Promise 10+ Hour Battery Life, DX11
January 4, 2011, 9:15 AM
The Underdog: AMD Announces Details on Trio of Upcoming CPU Designs
August 24, 2010, 12:00 PM
GM Posts Big Profit, Loses Yet Another CEO
August 13, 2010, 9:50 AM
AMD Takes Discrete Graphics Market Lead from NVIDIA
July 30, 2010, 9:17 AM
AMD Almost Out of the Money Hole, Beats Estimates by $110M USD
July 16, 2010, 8:45 AM
5 Top Rated Printers for Home or Small Office
July 29, 2016, 10:44 PM
5 Excellent Cable Modems: Buy Your Own and Avoid Rental Fees
July 28, 2016, 8:44 PM
"Prepare to be Punished": Microsoft is Killing OneDrive With Cuts, Blames Users
November 3, 2015, 8:23 PM
Apple's New "Magic" Peripheral Line Packs High Tech, High Prices
October 13, 2015, 9:39 PM
Samsung Adds 2 TB 850 EVO, PRO SSDs for $800, $1000
July 7, 2015, 4:23 PM
Seagate Senior Researcher: Heat Can Kill Data on Stored SSDs
May 13, 2015, 2:49 PM
Most Popular Articles
Say Goodbye to Data Plans - Sprint and T-Mobile offer Unlimited Data
August 22, 2016, 6:12 AM
2 NEW PlayStation 4 Models - Unveiling September 7th
August 23, 2016, 6:23 AM
Uber - Everyone's Autonomous Car Driver?
August 20, 2016, 6:01 AM
iPhones May Get Curved Screens Next Year
August 24, 2016, 6:45 AM
Lenovo vs. Asus vs. HP - Best Laptop Under $500.00
August 19, 2016, 4:00 AM
Latest Blog Posts
Coming Soon - Drones and Airports
Aug 24, 2016, 12:40 PM
SolarCity’s Gigafactory: A Milesone in Emerging Technology by Lily Emamian - 15 August 2016
Aug 15, 2016, 6:30 AM
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
More Blog Posts
Copyright 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information