SUNNYVALE, CA--(Marketwire -08/25/11)- AMD (NYSE: AMD - News) announced that its Board of Directors has appointed Rory P. Read, 49, President and Chief Executive Officer of AMD, effective today. Mr. Read has also been appointed to the Company's board of directors.
Read joins AMD from Lenovo Group, Ltd., where he was most recently President and Chief Operating Officer responsible for leading day-to-day global operations while overseeing the development and implementation of the company's growth strategy.
"Rory is a proven leader with an impressive record of driving profitable growth," said Bruce Claflin, Chairman of AMD's Board of Directors. "He is ideally suited to accelerate AMD's evolution into the world's leading semiconductor design company. As President and COO of Lenovo he helped take the company into dynamic new markets while growing market share and expanding profitability. His sound strategic thinking and natural customer orientation will help amplify the voice of the customer inside AMD."
While managing Lenovo's Americas group, Read drove double-digit revenue growth and market share gains, reversing operating losses and delivering consistent profitability. He was promoted to president and COO in 2009, helping to transform Lenovo into the world's fastest growing major PC manufacturer and achieving its largest worldwide market share ever. Prior to Lenovo, Read spent 23 years at IBM, where he held a broad range of management positions.
"I'm very pleased to be joining AMD at this important time in its history. AMD is a true innovator and is uniquely positioned to lead the industry forward, delivering the next big thing both within the PC ecosystem and beyond," said Read. "AMD has strong momentum and the opportunity to continue profitably gaining share based on its highly differentiated products, solid financial foundation, and passionate and committed employees. I'm excited to be joining AMD's employees as we write the next chapter not just for the company, but for the industry and consumers around the world."
Thomas Seifert, who served as interim Chief Executive Officer since January, will return to his role as Senior Vice President, Chief Financial Officer. Claflin, named Executive Chairman of the Board when he assumed additional responsibilities specific to AMD's search for a new CEO, returns to his role as AMD's Chairman of the Board.
"On behalf of my fellow directors, I would like to thank Thomas Seifert for serving as interim CEO," added Claflin. "Under Thomas' leadership, AMD has continued to make important progress across key areas of the business, successfully executing on major initiatives and new product introductions while improving the company's financial performance. We look forward to Thomas' continued contributions to the Company as Chief Financial Officer."
Conference Call Details
AMD will host a conference call today at 9:15 a.m. PT (12:15 p.m. ET) regarding the hire of Mr. Read. On the call will be:
Bruce L. Claflin, Chairman of the Board
Rory P. Read, President and Chief Executive Officer
Thomas Seifert, Senior Vice President and Chief Financial Officer
AMD will provide a real-time audio broadcast of the teleconference on the Investor Relations page of its Web site at AMD. The webcast will be available for 10 days after the conference call.