Long standing CEO, Hector Ruiz has stepped down and been replaced by former chief operations officer, Dirk Meyer.
Ruiz, who had been in the role of CEO since 2002, has presided over a number of company downturns. It recently reported its lowest share price in over 15 years – dropping to $4.60, down 70 per cent on the previous year.
The company has also reported its seventh consecutive quarter of losses and has fallen further behind its rival, Intel.
Dirk Meyer joined the company in 1995 as director of engineering for the AMD Athlon program. He has since progressed upwards through AMD’s engineering divisions, suggesting that he is the right man to help the company develop and manufacture competitive products.
Hector Ruiz will continue to serve as executive chairman at AMD and will oversee the company’s antitrust lawsuit against Intel.