SAN FRANCISCO—Dirk Meyer, president and CEO of Advanced Micro Devices Inc., has resigned from the company after two years as its top executive, AMD said Monday (Jan. 10).
Thomas Seifert, AMD's chief financial officer and senior vice president, has been appointed interim CEO of AMD, the company said.
Meyer took the reins at AMD in July 2008, succeeding longtime chief Hector Ruiz. He first joined AMD in 1996.
AMD said Monday that Meyer resigned after reaching a "mutual agreement" with the company's board of directors.
In a statement, Bruce Claflin, chairman of AMD’s board of directors, said the board believed a change in leadership was required to help AMD capitalize on the opportunity to "create increased shareholder value over time."
"Given the abruptness of the departure, and the fact there is no transition period, it's pretty obvious Meyer and the AMD board came to loggerheads over something fairly substantial," said Paul McWilliams, editor of the technology investment newsletter Next Inning Technology Research, in a report to subscribers circulated late Monday. McWilliams said he didn't have enough background to guess about the specifics, but said of Meyer, "on balance, I was happy with the results he produced during his tenure."
Also Monday, AMD said preliminary results indicated that the company's fourth quarter sales increased 2 percent sequentially to about $1.65 billion. This total would exceed consensus analysts' expectations, which called for fourth quarter revenue of about $1.62 billion, according to Yahoo Finance.
AMD said it has formed a CEO search committee, led by Claflin, 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, AMD said.
Seifert joined AMD in 2009 and has more than 20 years of general management, global operations and financial management experience, according to AMD. He previously served as CFO and chief operating officer at Qimonda AG.