AMD CFO Thomas Seifert quits

September 18, 2012 | 10:34

Tags: #ryan-petersen #thomas-seifert

Companies: #amd #ocz #ocz-technology

AMD's chief financial officer Thomas Seifert has submitted his resignation, continuing a worrying trend of high-level departures at the semiconductor giant.

AMD confirmed late last night that it had received Seifert's resignation as the once-and-former CFO looked to 'pursue other opportunities' outside the company. 'We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011,' AMD president and chief executive Rory Read claimed in a statement to press. 'Thomas' personal commitment to the highest standards of accountability and financial integrity has helped define how AMD does business today.'

Devinder Kumar, senior vice president and corproate controller at the company, is to take over Seifert's role in the interim while a more permanent replacement is found. 'Devinder is an experienced financial executive,' Read added, 'whose financial expertise and semiconductor experience developed during his 28 year tenure at AMD is an asset to the company.'

Seifert joined AMD in 2008, and was made interim chief executive officer for a brief period following Dirk Meyer's resignation back in January 2011. Meyer wasn't the only one to leave the company: since 2007, AMD has been experiencing something of a exodus of high-level executives, with Meyer going the way of his predecessor Hector Ruiz alongside Henri Richard, Dave Orton, Phil Hester, and more recently graphics guru Bob Feldstein.

AMD has claimed in a statement that Seifert's departure is on good grounds, with no hint of disagreement over the company's accounting principles or any recent financial statement disclosures.

AMD's announcement comes on the same day as OCZ Technology confirmed that its founder and chief executive Ryan Petersen would be leaving the company, replaced in the interim by chief marketing officer Alex Mei.
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