After announcing a net loss of more than $1bn in 2008's second quarter, chip manufacturing giant AMD has ousted chief executive Hector Ruiz.

Q2 2008 net losses almost doubled year-on-year to $1.19bn (£590m), while revenue was up three per cent to $1.35bn. The figures came up short of what Wall Street analysts had anticipated and the quarter is the seventh in succession in which AMD has reported a net loss.

Ruiz has now been nudged into a boardroom role as former chief operating officer Dirk Meyer takes over at the helm. Ruiz will now assume the position of executive chairman.

Meyer has been with AMD for 12 years and, after starting his career in engineering, led AMD's microprocessor business for five years before taking over as chief operating officer in 2006. He has served on the board of directors since last year and Ruiz said: "I am placing the company in excellent hands."