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January 11, 2011

AMD president & CEO resigns

AMD appoints CFO as interim CEO

By CBR Staff Writer

Advanced Micro Devices (AMD) has said that Dirk Meyer has resigned as president and CEO of the company, effective immediately.

AMD has appointed senior vice president and CFO Thomas Seifert as interim CEO.

AMD said the resignation of Dirk Meyer was the result of a mutual agreement with the board of directors.

Meyer headed the team that developed one of AMD’s most successful chips before becoming CEO in 2008.

Meyer oversaw AMD as it spun off its manufacturing arm into a separate company, carrying out a plan laid out by previous CEO Hector Ruiz.

AMD Board of Directors chairman Bruce Claflin said Dirk became CEO during difficult times. He successfully stabilized AMD while simultaneously concluding strategic initiatives including the launch of GLOBALFOUNDRIES, the successful settlement of AMD’s litigation with Intel and delivering Fusion APUs to the market.

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"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," Claflin said.

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