|AMD wants Rory Read to improve finances and find a way to capitalize on smartphones.|
NEW YORK - Chip maker Advanced Micro Devices Inc. named an executive from PC maker Lenovo Group as its new chief executive, giving him a mission to improve the struggling company’s finances and turn the rise of smartphones and tablets into an opportunity rather than a threat.
Rory P. Read, who was Lenovo’s chief operating officer, takes the helm of AMD from chief financial officer Thomas Seifert, who had served as interim CEO since January. Seifert remains the company’s CFO.
AMD is Intel Corp.’s only sizeable competitor when it comes to making PC processors.
AMD has long struggled against Intel and has been unable to match Intel’s investments in research and chip factories. Now, both companies are facing the rise of smartphones and tablets, which don’t use their chips and are starting to take a bite out of PC sales.
Next year, Microsoft Corp. will launch Windows 8, which can run on cellphone-style chips and Intel and AMD chips. AMD will launch a chip for tablets next year. Intel sells chips for tablets and similar devices, but their use is minimal.