Reporting a $1,19-billion loss for its second quarter, AMD has announced that COO Dirk Meyer is to replace Hector Ruiz as CEO of the company with immediate effect.
Meyer's succession has been expected for several months and it seems AMD's seventh consecutive quarterly loss was the final tipping point. Ruiz will take up the position of executive chairman and chairman of AMD's board, focusing on its "asset smart" strategy and assisting with high-level government and strategic partner relations.
"We have a company rich with great people, great products, great spirit and a lot of great potential," Meyer says. "Looking at the recent past, we have not been living up to that potential. Looking forward, we will.
“I’m tremendously excited by the opportunities ahead for AMD," he adds. "As the only company that possesses expertise and leadership in both x86 microprocessor and graphics technology, AMD has a unique capability to drive the next wave of innovation through the integration of computing and graphics processors to deliver a better computing experience.”
“We are in the midst of re-shaping AMD’s business model with the goal of delivering sustained profitability through a focus on the core technologies that differentiate AMD," Meyer says. "My immediate priority is to work with the leadership team to accelerate this transformation."
AMD's transformation has been particularly apparent in the EMEA region with the recent resignations of corporate vice-president sales and marketing, Alberto Macchi and Gautam Srivastava, regional vice-president for the Middle East, Africa and Pakistan. Macchi has been replaced by former HP executive Emilio Ghilardi who takes up his new position around 18 August and is expected soon after to announce a replacement for Srivastava.