In a move that has stunned just about everyone, AMD’s board has forced its CEO Dirk Meyer to quit. AMD’s board has never been known to make very smart choices, but this time it has probably outdone itself. Of course, I am assuming that there aren’t any dirty secrets that we are unaware of.
Dirk Meyer replaced Hector Ruiz as the CEO of AMD in 2008. Before that he led the team that designed and developed the Athlon processor. When Meyer took over the reins of the company from Ruiz, AMD was in a desperate state. The company was suffering huge losses, and its stock was plummeting. Intel was beating its current products to a pulp, and the future didn’t look too bright either. In the chairman of the board’s words, “Dirk became CEO during difficult times. He successfully stabilized AMD while simultaneously concluding strategic initiatives including the launch of GLOBALFOUNDRIES, the successful settlement of our litigation with Intel and delivering Fusion APUs to the market”.
Before Meyer was forced out, AMD’s stock was steadily climbing, and the company had forecast a profit for its next financial quarter. Speaking to the Wall Street Journal, AMD’s co-founder Jerry Sanders termed the surprise move by AMD’s board a “disgrace”. AMD’s Chief Financial Officer, Thomas Seifert has been named as the interim CEO.