[release]Advanced Micro Devices Inc. forced out its CEO Dirk Meyer on Monday in a surprise twist of fate for a technologist who inherited the chip maker when it was in tatters and won fans on Wall Street for steering it through a wrenching turnaround.
AMD is a heavyweight in the computer industry as the world's No. 2 maker of microprocessors. Meyer's sudden resignation caught many in the industry off guard. Under his 2 ½-year tenure, AMD came back from the brink of collapse by spinning off its expensive chip factories and its stock price went from less than $2 to more than $9 a share.
But AMD's board was blunt in its reason for showing Meyer the door.
In a statement, the board's chairman, Bruce Claflin, acknowledged that Meyer took the helm at a difficult time and "successfully stabilized" the company. The board, however, felt Meyer wasn't the right person to lead the company through its next phase of growth.
"The board believes we have the opportunity to create increased shareholder value over time," Claflin said. "This will require the company to have significant growth, establish market leadership and generate superior financial returns. We believe a change in leadership at this time will accelerate the company's ability to accomplish these objectives."
A company spokesman said Meyer will receive $8.6 million in cash and that all of his equity will become fully vested as part of his severance.
The announcement came the same day that AMD's chief rival, Intel Corp., announced that it will pay $1.5 billion to Nvidia Corp. for a license to all of Nvidia's patents. That settlement reflects the changing nature of the semiconductor industry as companies such as Intel and AMD are facing new types of competitors looking to put their chips in smart phones, tablets and other mobile devices using chip designs that consume less power than Intel's and AMD's offerings.
Patrick Wang, a semiconductor analyst with Wedbush Securities, described the resignation as "shocking," especially following AMD's launch of a powerful new line of chips called Fusion at last week's International Consumer Electronics Show in Las Vegas.[/release]
Source and some more info: [url]http://abcnews.go.com/Business/wireStory?id=12586478[/url]
That's understandable, I'm willing to bet he was more of a "fix problems" kinda guy, but not a "sustain stability" kinda guy
seems more of like a backstab to me.
sounds like a dick move
BBC bot already posted it [url]http://www.facepunch.com/threads/1047814-Boss-of-chipmaker-AMD-stands-down[/url]
Is AMD still deep in the red? I would have though dominating the cheap half of CPU's would reel in the cash
[QUOTE=gunguy765;27340990]BBC bot already posted it [url]http://www.facepunch.com/threads/1047814-Boss-of-chipmaker-AMD-stands-down[/url][/QUOTE]
in a completely different forum with different users that frequent it
[QUOTE=Lonestriper;27341044]Is AMD still deep in the red? I would have though dominating the cheap half of CPU's would reel in the cash[/QUOTE]
I'm willing to bet it's their lack of publicity. People know Intel well since their advertisements plague the television set, while AMD is still rather private to the whole publicity thing. If more people knew about AMD, they would have less of a marketing issue.
[quote]The announcement came the same day that AMD's chief rival, Intel Corp., announced that it will pay $1.5 billion to Nvidia Corp. for a license to all of Nvidia's patents. That settlement reflects the changing nature of the semiconductor industry as companies such as Intel and AMD are facing new types of competitors looking to put their chips in smart phones, tablets and other mobile devices using chip designs that consume less power than Intel's and AMD's offerings.[/quote]
holy SHIT
[QUOTE=Aurora93;27341276]holy SHIT[/QUOTE]
Yeah this is more interesting than some guy getting fired that will end up having no huge impact on the end-market.
AMD shares are a little more than $9?!
Where does one purchase them!!
[QUOTE=peepin;27341803]AMD shares are a little more than $9?!
Where does one purchase them!![/QUOTE]
From a stock broker?
At least they did leave the man out to dry, they did supply him with enough money to live on.
[QUOTE=peepin;27341803]AMD shares are a little more than $9?!
Where does one purchase them!![/QUOTE]
hahaha don't buy stock
Why would you buy AMD stock anyways? Intel and NVIDIA pretty much beat them down in every category.
[QUOTE=DOG-GY;27342316]hahaha don't buy stock[/QUOTE]
What why if you have spare money why not invest some?
[QUOTE=POLOPOZOZO;27342843]What why if you have spare money why not invest some?[/QUOTE]
Invest in oil or weapons or something that you know will only go up and up and up
He probably wanted to maintain AMDs current strategy of offering products at great value to customers whilst the board wanted larger margins.
[QUOTE=POLOPOZOZO;27342843]What why if you have spare money why not invest some?[/QUOTE]
Talking about him. If he thinks "oh wow $9 a share how low i can get that with my lawn-mowing money" and doesn't know how to buy stock in the first place, he shouldn't touch it until he understands how it actually works.
I read it as AMD CPU forced out by board:
[url]http://video.google.com/videoplay?docid=5393904704265757054[/url]
[QUOTE=DogGunn;27344630]I read it as AMD CPU forced out by board:
[url]http://video.google.com/videoplay?docid=5393904704265757054[/url][/QUOTE]
Haha. Duron.
I guess I needed my sarcasm tags :frown:
Hopefully AMD will get out of the poop hole!
[QUOTE=DOG-GY;27344399]Talking about him. If he thinks "oh wow $9 a share how low i can get that with my lawn-mowing money" and doesn't know how to buy stock in the first place, he shouldn't touch it until he understands how it actually works.[/QUOTE]
i wanted to get some quick money by investing in BP during the oil spill (was thinking about putting in 500USD) because their stock prices dipped by 50%, then I found out from numerous stock brokers that i'd have to invest 5 times that for them to even open an account for me, I was bummin'. and then the stock went back up :/
i'd like to get into the stock market
Two years I really thought AMD was a goner, the guy did a great job.
[QUOTE=gunguy765;27340990]BBC bot already posted it [url]http://www.facepunch.com/threads/1047814-Boss-of-chipmaker-AMD-stands-down[/url][/QUOTE]
How long has there been a BBC bot?
[QUOTE=Doozle;27349384]How long has there been a BBC bot?[/QUOTE]
a few days
Is AMD any good? I heard they were cheap but you the price you paid for what you got was better with AMD than Intel.
[QUOTE=Doozle;27349384]How long has there been a BBC bot?[/QUOTE]
It's in the news node with all the game news bots, away from where all the real news actually is. Had it for a few days now but I don't even bother clicking the articles because I know that they will be posted here sooner or later and will get more traffic than in there. Besides, I like being able to edit my posts in case I make a grammatical error or something, and you can't do that in the news node.
An $8.6 million (beyond that, I'm not sure how much equity he had) severance package?
Plus he gets AMD's word that he successfully stabilized their company when it was on shaky ground?
Doesn't sound like he got too bad of a deal at all. I imagine he'll be able to find a new position without too much trouble--in the meantime, he's got that 8.6 mil to sit on.
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