Summary
Advanced Micro Devices, Inc. (AMD) announced a significant leadership change in an 8-K filing dated October 8, 2014. Rory P. Read has stepped down as President and Chief Executive Officer and from the Board of Directors. He will remain with the company in a non-executive advisory role until December 31, 2014, continuing to receive his salary and benefits during this transition period. The Board has appointed Dr. Lisa T. Su as the new President and Chief Executive Officer, effective immediately. Dr. Su, who joined AMD in 2012, most recently served as Senior Vice President and Chief Operating Officer and brings extensive experience in semiconductor engineering and leadership from her previous roles at Freescale Semiconductor and IBM. Investors will be keenly watching her leadership as she takes the helm of the company.
Key Highlights
- 1Rory P. Read has resigned as President, CEO, and Board Member of AMD.
- 2Dr. Lisa T. Su has been appointed as the new President and CEO of AMD.
- 3Dr. Su also joins the AMD Board of Directors.
- 4Rory P. Read will serve as a non-executive advisor until December 31, 2014.
- 5Mr. Read will continue to receive his current salary and benefits during the advisory period.
- 6Dr. Su has a strong technical and leadership background with prior experience at Freescale Semiconductor and IBM.
- 7Negotiations for Dr. Su's employment agreement are ongoing; her current base salary is $650,000.