CHIP DESIGNER AMD has announced CFO Thomas Seifert has resigned, with AMD veteran Devinder Kumar stepping up during the search for a permanent replacement.
AMD has seen some management changes in the past five years and during that time the firm has named three CFOs, a fact that does little to inspire investors. The firm revealed that Seifert, who has held the CFO position for three years, said he is leaving to "pursue other opportunities".
In its most recent quarterly financial results AMD reported a $580m loss. Seifert's interim replacement Kumar has served with the firm for 28 years and most recently held the position of corporate controller since 2001.
AMD CEO Rory Read said, "Thomas' personal commitment to the highest standards of accountability and financial integrity has helped define how AMD does business today. Devinder is an experienced financial executive whose financial expertise and semiconductor experience developed during his 28 year tenure at AMD is an asset to the company."
Seifert will stick around until 28 September to transfer his duties to Kumar, while AMD begins the search to find his replacement. µ