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Electronics Production | January 11, 2011

AMD: Dirk Meyer resigns as CEO

AMD's Board of Directors has appointed Senior Vice President and CFO Thomas Seifert, as interim CEO following the resignation of Dirk Meyer as president, CEO and a director of the company effective immediately.

A CEO Search Committee has been formed to begin the search for a new CEO. Mr Seifert will maintain his current responsibilities as CFO and has asked not to be considered for the permanent CEO position. "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 and delivering Fusion APUs to the market. 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", said Bruce Claflin, Chairman of AMD's Board of Directors. Thomas Seifert joined AMD in 2009 and has more than 20 years of general management, global operations and financial management expertise. Immediately prior to joining AMD, Seifert served as COO and CFO of Qimonda AG, where he led the formation and subsequent IPO of the company. At Infineon AG, Mr Seifert served as senior vice president and general manager in its Wireless Business Group. "AMD enters 2011 with considerable product and financial momentum. Our roadmap for the year, including our 'Llano' APU and 32nm 'Bulldozer' based processors remain on track. believe we have significant opportunities to cement our leadership positions in several key market segments based on the strength of our upcoming products", said Thomas Seifert.
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