AMD's chief executive officer Dirk Meyer resigned yesterday, after fifteen years at the company - apparently at the request of the company's board of directors.
In a statement, Bruce Claflin, chairman of AMD's board of directors, stated that '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.'
The resignation of Meyer comes at a time when AMD is forging ahead with its Fusion
range of Accelerated Processor Units (APUs), but also at a time when its finances aren't in great shape.
With rival chipmaker Intel boasting record revenues in the year just gone, it's clear that Meyer is taking the fall for his company's poor performance over the last year.
In a statement, Meyer said that 'my 15 years at AMD have included some amazing high points. I wish the company well as AMD focuses successfully on the road ahead.'
Despite the obvious signs of a loss of directorial confidence, Claflin described Meyer's time as CEO in glowing terms, stating that 'Dirk became CEO during difficult times. He successfully stabilised 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.'
Chief financial officer Thomas Seifert will take over as interim chief executive while the board of directors searches for a permanent replacement.
Was AMD's board right to push out Meyer, or is it unfairly using him as a scapegoat while attempting to increase shareholder confidence in the company? Share your thoughts over in the forums