Monday, January 10th 2011
AMD Appoints New CEO, Dirk Meyer Resigns
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.
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.
37 Comments on AMD Appoints New CEO, Dirk Meyer Resigns
And if the hiring board happens to read this, I only want $125k a year. And I only need that much so I can hire a couple of nannies to take care of my 4 kids.
Mailman, that fact that I've had so much right about what AMD is doing, without any insider info, should have been warning about how poor AMD has been performing as of late. While I used to call myself ATI's #1 fanboy for years, I do not any longer, yet still I seem able to fairly accuratly predict what they are going to do....only becuase options in most situations are pretty limited.
The x4 970 and 975 as well as the 1100T x6 just weren't enough. We need console announcements, partnerships, and design wins. We need hype.
Intel is the biggest in the extreme overclocking scene, because AMD isn't giving those boys parts to play with, or at least, didn't provide them to them with ocntracts to hype them up a bit...
975, 970 and 1100t launched...who has these chips on the forums? BEcuase of this, these products are 100% failures in my eyes.
Dirk did some good things, for sure. But he snuck out the back door, tail between his legs.
It's a cop-out.
"Here, we got this guy who will stand in, but we aren't confident in him, so we are actively looking for a replacement. Please trust us till then"
I don't know how you can take it any other way.
I think that this is the right direction for AMD, however, like everything else from them as of late, thier execution sucks.
The board knew shares would drop becuase of this. Hence the announcement about finding a new replacement, in hopes that the effects can either be delayed, or minimized.
I think the board itself also needs new blood.
That said, if they can get Bulldozer out, they might recover. I'd not sell those stocks yet, but I'd not feel 100% confident in holding them either. If you were in a position to need money, I'd cash 'em out and call it quits...but if you can afford to hold, then please do. ;)
Hopefully AMD can find someone that can do a good job, hey get Paul Otellini as CEO, see if he can make AMD overtake Intel in the same amount of time that Dirk was CEO.
Somehow I doubt it. The people on the street have no idea who the CEO of these companies are most of the time, they just look at the end items appearance and the price.
And even when AMD did have a far superior product than Intel years ago, it never made it anywhere, is that the fault of the CEO?!?!?!
"TAViX - Dirk was good, but they need someone better. They should also fire all those lazy guys in research and development too. The Intel is 2 (two) generations ahead of AMD already.. "
Fail comment right there.
had a friend over oracle (in top 100), he told me; they deff look for big chip maker company and deff they look for CPU makers! He cant say AMD or any ather names right now.
But personaly i woud like to see oracle buy AMD! :)
1, it is still free
2, oracle spend a lot on teach people
3, wait a bit, may name of java change and pp too but will be better
they want to take on microsoft and intel ( do right now, for fact) but if they have CPU, will be nice change.
Fact ; they charge big companes for use oracle softwear but not regular people.
( you do when you fill your car or most case when you use cashmashine.)
Fact ; did you ever see thet? no; becouse they never BSOD like win based sales.
You never see the oracle logo freeze on screen did you?
I like thet. I like oracle policy. :respect: