Rory Read, AMD's new CEO
Read spent 23 years with IBM

Ever since the news broke yesterday that Steve Jobs would be abandoning his post as CEO of Apple, Inc. -- to be permanently replaced by former COO Tim Cook -- the tech world has been abuzz. However, there's leadership change taking place at another large tech company: AMD.

AMD today announced that former Lenovo President and Chief Operating Officer Rory Read would become the company’s’ new CEO. Read will take over for AMD CFO and Senior Vice President Thomas Seifert who has been filling in as interim CEO since early January 2011. Siefert himself took the interim CEO position to replace Dirk Meyer who was ousted for his lack of vision in processors for smartphones and tablets

Read spent 23 years at IBM before joining the Lenovo America's group. He became President and COO of the company in 2009.

“Rory is a proven leader with an impressive record of driving profitable growth,” said Bruce Claflin, Chairman of AMD's Board of Directors. “He is ideally suited to accelerate AMD’s evolution into the world’s leading semiconductor design company. As President and COO of Lenovo he helped take the company into dynamic new markets while growing market share and expanding profitability. His sound strategic thinking and natural customer orientation will help amplify the voice of the customer inside AMD.”

Not to be left out of the mix, Read offered his own thoughts on his new position with AMD. “I’m very pleased to be joining AMD at this important time in its history. AMD is a true innovator and is uniquely positioned to lead the industry forward, delivering the next big thing both within the PC ecosystem and beyond,” Read explained. “I’m excited to be joining AMD’s employees as we write the next chapter not just for the company, but for the industry and consumers around the world.” 

AMD stock is up 0.95% on the news of Read's new position while the rest of the tech sector is down.

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