Printed from http://www.electronista.com

AMD CFO departs, stock plummets 12 percent

updated 07:57 pm EDT, Mon September 17, 2012

Seifert leaves after three years of service, pursuing CEO opportunity

Chipmaker Advanced Micro Devices (AMD) reports that ex-CEO and Chief Financial Officer Thomas Seifert is leaving the beleaguered company to pursue other opportunities. The announcement drove the share price down 12 percent in above-average trading volume of the stock. Seifert is departing to locate a permanent CEO position elsewhere according to sources familiar with the matter.

"Thomas leaving is a big deal. He was pretty well-liked by investors. He was viewed as the rock throughout all the changes," said investment firm Evercore Partners analyst Patrick Wang. AMD said in a statement that Seifert's departure "is not based on any disagreement over the company's accounting principles or practices, or financial statement disclosures."

Seifert joined AMD in 2009 and served as CEO for a time after Dirk Meyer was forced to leave the company by AMD's board of directors. Senior Vice President Devinder Kumar will serve as interim chief financial officer.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

ActvContent Sync Smartband

Smartbands of all sorts are hitting the market. Some build on the buzz around fitness trackers, while others offer simpler features fo ...

RocketStor 6324L Thunderbolt 2 eSATA bridge

Like it or not, the shift to Thunderbolt is underway. The connection is extremely flexible, allowing for video and data to co-habitate ...

Patriot Stellar Boost XT 64GB USB 3.0 drive

A vast selection of USB memory sticks means that consumers can often find exactly the size drive they need in a configuration that can ...

Sponsor

toggle

Most Commented

 
toggle

Popular News