Shares of Advanced Micro Devices Inc. (AMD) dropped about eleven percent in after-hours trade Monday, after the struggling PC chip maker said its Chief Financial Officer Thomas Seifert is resigning to pursue other opportunities.
Devinder Kumar, senior vice president and corporate controller, will serve as interim CFO while a search commences for a permanent replacement.
Seifert, who is also a senior vice president at AMD, will remain until September 28 to assist with the transition process before his three years at the company comes to a close.
AMD clarified that Seifert's exit is not based on any disagreement over accounting practices, or financial statement disclosures.
Seifert had served as AMD's interim CEO for about nine months after Dirk Meyer was shunted out in January 2011. Seifert was seen as a permanent successor to Meyer, but that did not materialize and AMD instead named Lenovo President Rory Read as CEO in August 2011.
"We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011," said AMD Chief Executive Rory Read.
"...Devinder is an experienced financial executive whose financial expertise and semiconductor experience developed during his 28 year tenure at AMD is an asset to the company," Read added.
AMD is the only significant rival to behemoth Intel Corp. (INTC) in the central processor market for personal computers and is also a leading supplier of graphics processing units. Nevertheless, the company has had a poor run of quarterly results as demand for PCs and notebooks weakened, especially in Europe and Asia.
Shares of AMD closed Monday at $4.01, up 2.82%, on a volume of about 41.0 million shares on the NYSE. In after hours, the stock dropped $0.43 or 10.72%. In the past year, the stock has traded in a range of $3.43 - $8.35.
by RTT Staff Writer
For comments and feedback: email@example.com