Chip maker AMD has confirmed the immediate departure of its president and chief executive Dirk Meyer following his resignation yesterday.
The company hailed Meyer's achievements since taking the helm at AMD in 2008, and said his departure was "mutually agreed" with the board.
Bruce Claflin, chairman of AMD's board of directors, said: "He successfully stabilised AMD while simultaneously concluding strategic initiatives, including the successful settlement of our litigation with Intel and delivering Fusion APUs to the market."
However, Claflin said that a change of leadership could accelerate the firm's growth.
He explained: "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."
AMD's senior vice president and chief financial officer Thomas Seifert has been named as Meyer's interim successor. He has also reportedly asked not to be considered for the permanent role.
Claflin added: "During his tenure at AMD, Thomas helped strengthen the company's balance sheet while demonstrating strong leadership and winning the respect of his peers."
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