Advanced Micro Devices Inc. (AMD) named Thomas Seifert as its new chief financial officer Thursday, succeeding Robert Rivet, who now serves as the chip maker's operating chief.

Seifert, 46, most recently served as the chief financial officer, as well as the operating chief, for Qimonda AG, the insolvent German memory chip maker.

Seifert's appointment is effective immediately, but an AMD spokesman said Rivet will still provide financial information on the company's third-quarter conference call Oct. 15. Rivet was promoted to operating chief last October, but has continued to handle the company's financial duties.

Seifert's appointment comes as AMD attempts to return to profitability after 11 consecutive quarterly losses. The company is also working through the separation of its chip design and manufacturing operations into two separate companies.

AMD bolstered its cash position by spinning off its manufacturing unit last year into a new company, GlobalFoundries, and has partnered with a deep-pocketed Abu Dhabi investment fund. But analysts still expect further losses, and AMD has a high level of debt.

AMD shares were recently down 1 cent to $5.53. The stock is up more than 35% over the past year, but remains well below the multi-year highs above $40 last seen in 2006.

-By Jerry A. DiColo; Dow Jones Newswires; 212-416-2155; jerry.dicolo@dowjones.com