Chipmaker Advanced Micro Devices (AMD) has announced the appointment of Dr. Lisa Su as president and CEO of the company, replacing Rory Read, who was appointed in 2011.
The company claims that the leadership change is a part of its transition plan, but reports suggest that it has been struggling for sales growth, and lost half of its market share to Intel since Read took over.
Read will support the transition in an advisory role till the end of 2014, but will not be a member of the board of directors.
Su was promoted as the chief operating officer in June, and she will take over the new position immediately. She is still discussing the terms of her new employment agreement.
Su said: "I am deeply honored to have this opportunity to lead AMD during this important time of transformation.
"I look forward to expanding on the strong foundation we have built under Rory’s leadership as we develop industry-leading technologies and products for a diverse set of markets to drive sustainable and profitable growth."
AMD is expanding into new markets including game consoles and low-power servers. It aims to make half of its revenue through the additional businesses by the end of 2015.
