AMD CFO Latest To Head For The Door


AMD said Monday that senior vice president and chief financial officer Thomas Seifert has resigned, marking the most recent in a series of high-level executive departures from the Sunnyvale, Calif.-based chip company.

During his run at AMD, Seifert also served as interim CEO after former CEO Dirk Meyer resigned in January 2011. Seifert passed the torch to current CEO Rory Read after eight months in the role.

AMD said in a statement that Seifert is leaving the company to pursue other interests.

[Related: AMD Sees Q2 Revenue Slide, Says Llano Sales In Channel Are Down]

"We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011," Read said in a statement. "Thomas' personal commitment to the highest standards of accountability and financial integrity has helped define how AMD does business today."

Devinder Kumar, senior vice president and corporate controller, will serve as the interim CFO.

Investors reacted quickly to news of Seifert's departure, with AMD stock plummeting 6.7 percent upon the market's opening Tuesday morning.

Seifert is the most recent executive to head for the exits at AMD, following the footsteps of Bob Feldstein, former AMD business development executive, who left the company for rival chip maker Nvidia in July. Last September, AMD announced the departure of Emilio Ghilardi, former senior vice president and chief sales officer, along with Eric Demers, former CTO of AMD's Graphics Business Unit, in February.

PUBLISHED SEPT. 18, 2012