AMD has announced the appointment of Dr. Lisa Su as the company?s new president and chief executive officer.
In a statement, AMD said Su, who was also named as a member of the board of directors, succeeded Rory Read, who has stepped down as part of the transition plan. Read will support the transition in an advisory role, remaining with the company through the end of 2014.
?Leadership succession planning has been a joint effort between Rory and the board and we felt that Lisa?s expertise and proven leadership in the global semiconductor industry make this an ideal time for her to lead the company,? said Bruce Claflin, chairman of AMD?s board of directors.
Commenting on her appointment, Dr. Su said, ?I am deeply honored to have this opportunity to lead AMD during this important time of transformation. I look forward to expanding on the strong foundation we have built under Rory?s leadership.?
According to AMD, the company during the last three years made significant progress in financial and operational performance. The company returned to non-GAAP profitability and materially diversified its business.
Since 2012, AMD has reduced operating expenditures by approximately 30 percent and maintained cash at near an optimal level of $1 billion. AMD also improved its balance sheet by re-profiling its debt with no significant debt coming due until 2019.
