What could it be? Has Sandy Bridge put the frighteners on Dirk, did he forget to use the free sanitiser and fall violently ill, or did he simply think his comedy double act with Joel McHale didn’t live up to expectations?
In a shock announcement, littler chipper AMD revealed its Board of Directors has ousted Dirk Meyer and appointed Senior VP and CFO Thomas Seifert as a temporary replacement “effective immediately.”
“Dirk became CEO during difficult times,” said Bruce Clafing Chairman of AMD’s Board of Directors, who has been apparently been named Executive Chairman of the Board, taking on additional oversight responsibilites during the transition.
It’s curious timing. AMD says, according to Bob Grim, that with its Direct X 11 and OpenCL it has the edge on competitors. But according to AMD the action “wasn’t taken over specific financial, execution or legal matters” said spokesman Drew Pairie to Bloomberg Businessweek. The decision was “made recently.”
An official statement from AMD on the resignation reads: “The board believes we have the opportunity to create increased shareholder value over time. 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.”
What that means, then, is no reason has been given. It’s a coup!
In other words, for all its “game changing,” “paradigm shifts” and “sweet spots,” Dirk just wasn’t cutting it as CEO. For his part Seifert will stay on as CFO and has asked not to be considered for the cursed permanent CEO position.
Sources close to AMD tell TechEye that the decision was of the snappy flavour, with a very highly placed source confirming to us he’d only heard about it “within the last 24 hours.”
A search committee has begun looking for missing laughs from the AMD comedy roadshow and a new CEO too. Meanwhile preliminary financials are out for Q4 – a sequential revenue rise to $1.65 billion with gross margin at 45 percent. The Meyer announcement saw shares fall 4 percent to $8.82 in late trading.