CEO Of AMD Resigns As Company Seeks Growth
SUNNYVALE (CBS / AP) -- The chief executive of chip-maker Advanced Micro Devices Inc. resigned Monday, citing the opportunity to increase share value and grow the company.
AMD described the resignation of CEO Dirk Meyer, 49, as "mutual" and effective immediately.
Thomas Seifert, 47, the company's senior vice president and chief financial officer, will succeed him on an interim basis while the company conducts a search for a permanent replacement.
In a statement, the Sunnyvale-based company praised Meyer for leading the company through an ongoing legal battle with rival Intel Corp.
But AMD said the board believes it has an opportunity to create increased shareholder value. The company said the chip-maker will need significant growth and a change in leadership to accomplish that.
(Copyright 2011 by CBS Broadcasting Inc. and the Associated Press. All Rights Reserved.)
