Boston, MA 10/15/2014 (wallstreetpr) – Advanced Micro Devices Inc. (NYSE:AMD) announced a change its management after company’s President and CEO, Rory Read decided to resign from his post on October 8,2014. Rory also decided to be dropped from the company’s list of Board of Directors. The company didn’t expect that Rory Read will exit like this, but it happened as a company is in the process to restructure the organization and revise its strategy.
Reason Not Known
Advanced Micro Devices Inc. (NYSE:AMD) has not yet clarified the reasons of Rory Read stepping out, but the company has issued a press release. It stated that Read will provide assistance in the transition phase and will act as an advisor till December 31, 2014. As per Bloomberg, Intel (INTC) has about 90% of market share of PC processors in this sector and AMD is the only competitor against INTC. AMD has lost several orders.
Past Profile
Dr. Lisa Su will be Advanced Micro Devices Inc. (NYSE:AMD)’s new CEO and President now as announced by the company’s board of directors. Dr. Lisa Su has been working with AMD since the year 2012, and this will be historic news for the company to have a first female CEO ever in the company. Lisa did her Ph.D. from the Massachusetts Institute of Technology (MIT) in electrical engineering and has experience with IBM. She was working as a COO by coordinating and integrating all departments like sales, operations, infrastructure, etc. into one. She has been promoted to CEO at an annual salary of $850000, which is quite less than what Read used to get.
However, one of the spokesmen of the company, Drew Prairie does not agree with this. As per Drew, Rory got several incentives that are common when a new employee joins the company. Lisa’s case is quite different. She has other compensations received previously from the company and which are for longer term. The shares of Advanced Micro Devices Inc. (NYSE:AMD) also fell to $2.62 i.e. by 4.4% and a decline in the price to about 32% for the year.
