AMD CEO out, search on for new leader

10.01.2011
Looking for better growth and financials, chip maker has come to a parting of the ways with CEO Dirk Meyer.

The company announced Monday that after a "mutual agreement" with the board of directors, will step down immediately, and CFO and Senior Vice President Thomas Seifert will step in as interim CEO.

"Dirk became CEO during difficult times. He successfully while simultaneously concluding ," said Bruce Claflin, AMD's chairman. "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."

Claflin said a change in leadership will help AMD achieve its goals.

Dan Olds, an analyst with The Gabriel Consulting Group, said he's not surprised to see AMD lose another CEO, since the company is still behind in its longstanding competition with .

"Although AMD has kept running in the two-horse x86 processor race, they haven't been able to keep up with Intel on a technical or financial basis," added Olds. "They've been late with products that might have allowed them to pull ahead of Intel and have lagged in terms of profitability, as well."