Meyer Out At AMD - Twice

Meyer Out At AMD

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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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