Wednesday, October 8th 2014
AMD Appoints Dr. Lisa Su as President and Chief Executive Officer
AMD today announced that its board of directors has appointed Dr. Lisa Su as president and chief executive officer and member of the board of directors, effective immediately. Dr. Su, 44, succeeds Rory Read, 52, who has stepped down as president and chief executive officer, and member of the board of directors, as part of a transition plan. Read will support the transition in an advisory role, remaining with the company through the end of 2014.
"Leadership succession planning has been a joint effort between Rory and the board and we felt that Lisa's expertise and proven leadership in the global semiconductor industry make this an ideal time for her to lead the company," said Bruce Claflin, chairman of AMD's board of directors. "The board looks forward to continuing to work with Lisa and the rest of the senior management team to build on the company's momentum. I would also like to thank Rory for his many accomplishments and contributions positioning AMD for long-term success by helping to create a strong foundation and clear path to re-establish the company's growth and profitability."
Commenting on her appointment, Dr. Su said, "I am deeply honored to have this opportunity to lead AMD during this important time of transformation. Our world-class technology assets combined with the incredible talent and passion of the AMD team provide us with a unique opportunity to shape the future of computing. I look forward to expanding on the strong foundation we have built under Rory's leadership as we develop industry-leading technologies and products for a diverse set of markets to drive sustainable and profitable growth."
During the last three years, AMD has made significant progress in financial and operational performance. The company returned to non-GAAP profitability and materially diversified its business. Since 2012, AMD has reduced operating expenditures by approximately 30 percent and maintained cash at near an optimal level of $1 billion. AMD also improved its balance sheet by re-profiling its debt with no significant debt coming due until 2019.
Read stated, "I am grateful to have had the opportunity to lead such a talented team and proud of what we have accomplished during such an important chapter in the company's history. Together, we have established the right strategy to enable AMD to continue to grow and transform. I am confident that Lisa is the right leader to drive AMD forward."
"Leadership succession planning has been a joint effort between Rory and the board and we felt that Lisa's expertise and proven leadership in the global semiconductor industry make this an ideal time for her to lead the company," said Bruce Claflin, chairman of AMD's board of directors. "The board looks forward to continuing to work with Lisa and the rest of the senior management team to build on the company's momentum. I would also like to thank Rory for his many accomplishments and contributions positioning AMD for long-term success by helping to create a strong foundation and clear path to re-establish the company's growth and profitability."
During the last three years, AMD has made significant progress in financial and operational performance. The company returned to non-GAAP profitability and materially diversified its business. Since 2012, AMD has reduced operating expenditures by approximately 30 percent and maintained cash at near an optimal level of $1 billion. AMD also improved its balance sheet by re-profiling its debt with no significant debt coming due until 2019.
Read stated, "I am grateful to have had the opportunity to lead such a talented team and proud of what we have accomplished during such an important chapter in the company's history. Together, we have established the right strategy to enable AMD to continue to grow and transform. I am confident that Lisa is the right leader to drive AMD forward."
84 Comments on AMD Appoints Dr. Lisa Su as President and Chief Executive Officer
It sounds awfully like shareholder speech for "we've still got terrible problems but for now we've fiddled the assets around enough to make it look okay".
Gotta love business talk. So full of shit. Next they'll copy Apple and move their tax HQ to Ireland.
EDIT: feel free to quote Nvidia's last business talk, it'll be just as bad.
Good luck Lisa.
In short..... fuck that I'm outta here!
Why do they keep appointing money sucking people? I thought talent acquisition should be in R&D and product development? Oh wait they are driven by these top suckers!!
Re-profiling debt usually means asking creditors for more time to pay. Until 2019 in this case.
Dirk Meyer - Scapegoat for Bulldozer and lack of mobile segment market development
Rory Read - What's your crime?
Vote for me as next AMD president, and I'll take AMD back to profitability, and offer top performance with reasonable pricing. I can't do it alone, but with your help, I'm sure we can succeed.
I'll need some assassins to take out the guys @ Glo-Fo, and to improve yields to levels never seen before on the planet. Also, need to license some tech from Intel, and maybe some fab time.
OK?
:shadedshu:
:lovetpu:
just wire the funds to my offshore account.
1. Obtain Christopher Lloyd's DeLorean
2. Travel back to 1999 and smack Jerry Sanders around until be agrees to use the 20% outsourcing allowance of x86 production allowed for under the Intel/AMD cross-license. Kick Jerry in the nuts every time he says "real men have fabs" and dismisses K6-III and Athlon shortages as a better alternative to having Chartered Semi or UMC make them.
3. Travel forward to 2006 and smack Hector Ruiz until he agrees to have ATI's books opened and audited before handing over the cash and shares for it.
4. Travel back to the present.....a competitive present.
/Don't forget the 1.21 gigawatts
The purchase of ATI basically meant the core of AMD (its foundries) had to be sold because they had no money. Instead of squandering money, AMD should have seized the opportunity to fab other people's chips not unlike TMSC. They could have fought to produce ATI's chips even.
AMD has been a train wreck since the day Core 2 debuted.
AMD suffers from too much HR and not enough balls and follow through.
Enough about the past. The only future I see for AMD now is crawling to Intel and begging to use their fabs. There is no future for AMD in CPUs unless they do. If they can't/won't, AMD may as well become a GPU-exclusive company. AMD cannot compete with Intel and the growing demand for ARM. It's getting to a point where AMD is running out of options. This is what happens when a company makes bad decision after bad decision for 8 consecutive years. It is shocking they managed to stay aloft this long.
Even if their GPU division is a complete success, it still obviously isn't successful enough to turn a profit. Either they spend money they don't have in RnD, or they're getting so beat upon in the GPU market that their profits margins are not what they need to be.
I also don't feel this new CEO will bring them profitability. Rory was a business guy, he was there to fudge the figures, and get them the hell out of debt no matter what it took. He obliterated half the company, sold every asset that wasn't nailed down, and still, AMD saw only 1 profitable quarter? I don't think Rory was the issue, I think the state of the company is and will be. And having a new CEO who's primary knowledge is in mobile is not a good step. AMDs mobile sector is non existant, they aren't successful in that area, and it's a bad place to start trying to be.Golden post right there.We're so boned we have no idea what to say, so here's a new CEO so you can stop blaming the old one and have some misplaced faith in this one.She also looks like a man, or was that just me and my eyes? At the bottom of her picture in fineprint it read "human generated with AMDs world fastest graphics processor, the W8100"
They could have done that, kept the fabs, and been more profitable... But they blew cash on ATI, and ignored mobile, and now they are paying the price.