AMD Bombshell: Dirk Meyer Out as CEO

"In a surprise announcement, AMD said today that CEO Dirk Meyer has resigned as president, CEO and director of the company effective immediately.

"Bruce Claflin, Chairman of AMD's Board of Directors, is leading a search committee to find a replacement for Meyer. Industry veteran Claflin was also named Executive Chairman of the Board and will assume additional oversight responsibilities at AMD (NYSE: AMD) during the transition period to a new CEO, the company said. Seifert will maintain his CFO responsibilities and has asked not to be considered for the position of permanent CEO.

"Dirk became CEO during difficult times. He successfully stabilized AMD while simultaneously concluding strategic initiatives including the launch of GlobalFoundries, the successful settlement of our litigation with Intel (NASDAQ: INTC) and delivering Fusion APUs to the market," Claflin said in a statement."

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