AMD Loses Chief Financial Officer – Shares Drop 10-Percent
Advanced Micro Devices today announced that Chief Financial Officer (CFO) Thomas Seifert was leaving the computer chipmaker to pursue other opportunities. AMD said Seifert stepped down to pursue other opportunities, noting that his departure was not based on any disagreement over the companys accounting principles or practices, or financial statement disclosures. Devinder Kumar, AMDs corporate controller, has been named interim CFO while the company conducts a search for a replacement. This news got around today and AMD’s stock is down 9.98% after hours. Mr. Seifert will remain with the company until September 28, 2012 to assist with the transition to the interim CFO.
“We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011,” said Rory Read, AMD president and CEO. “Thomas’ personal commitment to the highest standards of accountability and financial integrity has helped define how AMD does business today. 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.”
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