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Meyer Out At AMD

1/11/2011 02:53:59 PM Eastern

Sunnyvale, Calif. - AMD announced today the resignation of CEO
Dirk Meyer.

Meyer is being replaced on an interim basis by senior VP and
chief financial officer Thomas Seifert. He will retain his current duties and has
asked not to be considered for the CEO job, AMD said in a written release.

Meyer's resignation took place under a mutual agreement with
AMD's board.. The board cited Meyer's successful stabilization of the company
when he came on board in 2009, but the board said it wanted a different person
at the helm during the next phase of its growth.

"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," the board said in a
written statement.

AMD has set up a search committee to find a full-time replacement
for Meyer.

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