Advanced Micro Devices: Seifert Joins From Qimonda
October 08 2009 - 11:49AM
Dow Jones News
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