AMD CFO Thomas Seifert resigns, sending stock down 8 percent

Former AMD CFO Thomas Seifert.

(Credit: AMD)

Advanced Micro Devices announced the resignation today of Chief Financial Officer Thomas Seifert, sending the company's stock down 8 percent.

Seifert, who had been with the chipmaker for three years, had briefly served as the company's interim chief executive officer last year after the resignation of CEO Dirk Meyer in January 2011. Seifert returned to his position as CFO in August 2011 when AMD named Rory Read, the former president and chief operating officer of the Lenovo Group, as its new CEO.

Other than the standard statement that Seifert was leaving "to pursue other opportunities," AMD revealed little but sought to reassure investors that his departure was not based on any financial turmoil at the world's second-largest supplier of PC processors.

"Seifert's departure is not based on any disagreement over the company's accounting principles or practices, or financial statement disclosures," the company said in a statement.

Growing demand for smartphones and tablets has created a slump in consumer demand for PCs, putting a crimp in PC-related companies' profitability. Sunnyvale, Calif.-based AMD announced in July a 10 percent decline in second-quarter revenue, and Read issued a sector warning, saying that AMD "believe[s] the PC industry may be resetting to a new [lower] baseline."

Devinder Kumar, senior vice president and corporate controller, will serve as interim chief financial officer while the company searches for a replacement.

Steven Musil 18 Sep, 2012

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Source: http://news.cnet.com/8301-1001_3-57514643-92/amd-cfo-thomas-seifert-resigns-sending-stock-down-8-percent/?part=rss&tag=feed&subj=News-BusinessTech
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