AMD’s press release follows, verbatim:
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.
About AMD
AMD (NYSE: AMD) is a semiconductor design innovator leading the next era of vivid digital experiences with its ground-breaking AMD Fusion Accelerated Processing Units (APUs). AMD’s graphics and computing technologies power a variety of devices including PCs, game consoles and the powerful computers that drive the Internet and businesses. For more information, visit http://www.amd.com.
Source: Advanced Micro Devices, Inc.
There’s nothing more damning than the “effective immediately” phrase in a press release…
So here’s a question:
Why does Apple have to have a clear succession plan for a new CEO (http://macdailynews.com/index.php/weblog/comments/28144/) when AMD and others clearly do not?
“A CEO Search Committee has been formed to begin the search for a new CEO.”
Is it because they fear Steve Jobs could drop dead at any moment? Because if that’s true, they better have a clear succession plan for each of the people in their own ranks, as any one of them could be run over, shot, fall from a building, die of a heart attack or stroke or die in any number of other ways.
Seriously, Central Laborers’ Pension Fund… stop trying to hurt a company that you rely on to make money and let them do their thing.
I really like AMD; I hope they can get their act together…
Apple should buy them.
I don’t get it. If the goal is to increase shareholder value more quickly, why don’t they have a CEO taking over immediately? “A CEO Search Committee has been formed to begin the search for a new CEO.” –> Doesn’t really sound like they’ve got a plan…
@my MacBook:
AMD’s merely using the *standard* succession plan template:
When a top key employee leaves:
A: Announce the departure
B: Assemble a Selection Committee
C: Identify potential Candidates
D: Interview Candidates
E: Pick Candidate
F: Announce Selection
G: Disband the Selection Committee
-hh
This story is intensely related to the Nvidia/Intel cross licensing agreement. If anything, AMD was counting on the other two parties perpetually entangled in legal settlements. All of a sudden, everything has changed and AMD is facing a disastrous competing monster. Unless they have a super secret chip up there sleeve, the new Intel/Nvidia agreement is a hard blow to AMD for all intent and purposes.
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