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By 12 January 2011 | Categories: news

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In a shocking development, the CEO of Advanced Micro Devices (AMD), Mr. Dirk Meyer, has resigned from his position as head of Intel's closest competitor.

According to the Wall Street Journal citing people familiar with the situation, Meyer was pressured to resign by the company's board after it concluded that he wasn't gaining enough ground for AMD in the new tablet and mobile device markets. 
 
The concerns apparently started after a strategy review meeting in November last year between the CEO and the board of directors. AMD has called the resignation a “mutual agreement” and CFO Thomas Seifert will be serving as interim CEO although he has asked not to be considered as Meyer's replacement.
 
A search committee for AMD's next CEO is now being led by Board Chairman Bruce Claflin. “The board feels we've got opportunities for significant growth and superior financial returns, and a change in leadership can accelerate the ability to accomplish those goals,” said Drew Prairie, an AMD spokesperson.

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