San Francisco: Advanced Micro Devices Inc Inc's chief executive resigned on Monday as the world's No. 2 maker of PC microprocessor chips said it was seeking a new CEO to boost the company's growth, sending shares down nearly 4 percent in after-hours trading.
AMD said the resignation of Dirk Meyer was the result of a "mutual agreement" with the board of directors and that Chief Financial Officer Thomas Seifert will become interim CEO, effective immediately, as the company looks for a permanent replacement.
The sudden departure of the 49-year-old Meyer, who headed the team that developed one of AMD's most successful chips before becoming CEO in 2008, caught some Wall Street analysts by surprise.
"This is no doubt going to be viewed as a potential loss of momentum," said Gleacher & Company analyst Doug Freedman....more
11:45 AM, Jan 11, 2011