|OPPORTUNITY FOR GROWTH
CEO Dirk Meyer is leaving because the chip maker says new leadership is needed to increase value for shareholders.
NEW YORK — Chip maker Advanced Micro Devices Inc. said yesterday that CEO Dirk Meyer has resigned so that the company can try to grow more quickly.
AMD describes the resignation of Meyer, 49, as “mutual.’’ Thomas Seifert, 47, the company’s senior vice president and chief financial officer, will succeed him on an interim basis while the company conducts a search for a permanent replacement.
In a statement, the Sunnyvale, Calif., company praised Meyer for leading the company through an ongoing legal battle with rival Intel Corp.
But AMD said the board believes it has an opportunity to create increased shareholder value.
The company said the chip maker will need significant growth and a change in leadership to accomplish that.
Shares of the company plunged 34 cents, or 3.7 percent, to $8.85 during after-hours trading. In regular trading before the announcement, the stock had closed at $9.19, up 36 cents, or 4.1 percent.