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AMD Loses CFO Thomas Seifert, Share Prices Drop 11.72%

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News Posted: Tue, Sep 18 2012 10:21 AM
It’s almost like people don’t like being in charge of tech companies anymore; joining OCZ’s (former) CEO Ryan Peterson and NVIDIA’s (former) GM of mobile business Mike Rayfield, AMD’s CFO Thomas Seifert is leaving the chipmaker “to pursue other opportunities” that likely include a permanent CEO position.

Seifert had been pulling double duty as the company’s CFO and temporary CEO, keeping the seat warm for a few months until the company could replace outgoing CEO Dirk Meyer. AMD had excused Meyer after only 18 months on the job, making Seifert the third guy to take the reigns at AMD in an uncomfortably short amount of time. Eventually, AMD tapped Rory P. Read for the top job last August.

AMD graphic
Image credit: Reuters

Already facing adversity over dipping PC sales industry-wide, AMD’s stock price took a hit over Seifert’s announcement, to the tune of 11.72%. "Thomas has been the one that many have trusted to keep operating expenses under control during a difficult time in the economy," Longbow Research analyst Joanne Feeney told Reuters. "I suspect some of the concerns you're seeing in after-market trading reflect concerns about whether that kind of spending discipline will be maintained without his leadership."

Seifert will remain at AMD through September 28th, and Devinder Kumar, AMD’s senior vice president and corporate controller, will fill in for him until a permanent CFO is hired.
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JOMA replied on Tue, Sep 18 2012 12:50 PM

Might be a good buying opportunity when the dust settles.

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realneil replied on Tue, Sep 18 2012 8:30 PM

AMD is a roller coaster ride for execs these days,.....................

Dogs are great judges of character, and if your dog doesn't like somebody being around, you shouldn't trust them.

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3vi1 replied on Thu, Sep 20 2012 8:56 PM

I gotta agree with JOMA. I think investors are putting too much value into the man at the helm, and nothing into the developers and assets of the company itself. I hope AMD bounces back; I don't play favorites in the processor game - I just want them neck in neck and innovating. :)

What part of "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn" don't you understand?

++++++++++++[>++++>+++++++++>+++>+<<<<-]>+++.>++++++++++.-------------.+++.>---.>--.

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eunoia replied on Sat, Sep 22 2012 10:27 AM

.

...pending.

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realneil replied on Sat, Sep 22 2012 5:33 PM

3vi1:
I think investors are putting too much value into the man at the helm, and nothing into the developers and assets of the company itself.

I just bought an FX-4170 CPU and I love it. It doesn't compete with my 2600K, but it's not meant to either.

I like the smooth performance in games with this CPU. There is nothing wrong with it's performance at all,.............

I think that AMD is important to the industry, just to keep Intel's prices in check.

Dogs are great judges of character, and if your dog doesn't like somebody being around, you shouldn't trust them.

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