AMD today announced that its board of directors elected President and COO Dirk Meyer as the company's chief executive officer. Meyer succeeds Hector Ruiz, who will become executive chairman of AMD and chair of the board of directors. As executive chairman, Ruiz will ensure a smooth executive leadership transition, focus on driving the company's asset smart strategy to completion, and assist with high-level government and strategic partner relations.

"Dirk's election to CEO is the final phase of a two-year succession plan developed and implemented jointly by AMD's board of directors and executive team," said Robert Palmer, lead independent director. "Under Hector's strong leadership, AMD drove the industry adoption of pervasive 64-bit and multicore computing, became a trusted enterprise-class partner to leading technology suppliers and significantly expanded its global footprint in high-growth markets like China.

The full press-release could be read here.