AMD CEO resigns; search on for new leader
AMD CEO Dirk Meyer will step down after reaching an agreement with the company's board over his departure, AMD said today. Thomas Siefert, AMD's CFO, will fill Meyer's spot on a temporary basis as the company searches for a new CEO. It doesn't sound like the decision was entirely Meyer's.
"...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," AMD said in a press release Monday.
Meyer had been with AMD since 1995, holding a variety of prominent engineering roles before becoming the man-in-waiting to succeed Hector Ruiz at the top spot, which he did in July 2008. During his tenure as CEO, AMD regained its financial footing to a certain degree, helped out by the settlement of its antitrust lawsuit against Intel for $1.25 billion in November 2009.
