The stand up comic Dirk Meyer, former CEO at AMD until an unfinished coup took place seven months ago shortly after CES, has been replaced. AMD’s new CEO will be a former top Lenovo exec, the fresh-faced Rory P. Read, 49. Dirk Meyer performed a surpassing stand up act at CES earlier this year.
TechEye announced that AMD’s Board of Directors has appointed Rory P. Read who we have dubbed Rory B. Brave. According to sources in the semiconductor industry too numerous to name, no one wanted the tough job of being the Other Chip Company’s new chief executive. In fact, we have heard rumours that executives were fighting among themselves to make sure they wouldn’t get the offer.
An analyst who declined to be named told TechEye: “We know for a fact that AMD has been canvassing potential CEOs for some months, and many well known names in the industry have been approached. However, some of those who declined felt that picking up the CEO cup was something of a poisoned chalice.”
Read worked at Lenovo as president and chief operating officer, where AMD believes he did a stand-up job growing the company. Read is 49.
The link is unlikely to be a coincidence – Read’s difficult new position at AMD should bolster relations between the chipmaker and the Chinese corporation.
A golden handshake, which is rather unlike a golden shower, will be a $500,000 increase on Meyer’s salary ending 2010, reports the Wall Street Journal. That brings the total up to a modest $1 million a year. Though his salary tops Meyer’s, his performance based salary bonus is 50 percent under Meyer’s so it might work out the same in the end.
Read, 49, will be pleased with the $1 million he got for signing on the dotted line.
Lenovo took the opportunity to tell the world how fast it is growing. It’s another shining reference for Read’s CV. CEO Yang Yuanqing said in a statement that Read made a “significant contribution” to Lenovo’s performance while he was President and COO. It’s proof, Lenovo says, that Lenovo is great and the entire industry thinks so. Yang says there aren’t any plans to replace Read right now, and anyone who reported to him can report to Yang.