AMD finally finds a new boss

For a while there it looked like no-one would fill Dirk Meyer's shoes.

Meyer was unceremoniously dumped as CEO by AMD some seven months ago and since then the poisoned chalice has been wafted under the nose of many a VP at the chp maker, none of whom dared take a sniff.

Now AMD's board has offered the job to Rory P. Read, a former president and chief operating officer,at Lenovo. Prior to Lenovo acquirng IBM's PC business in 2005, Read had been an IBMer for 23 years.

No one ever got fired for hiring an IBM.

AMD chairman Bruce Claflin reckons Read, is, "ideally suited to accelerate AMD's evolution into the world's leading semiconductor design company."

During a conference call to herald the hiring, Claflin added: "We have asked him to do a few basic things: execute against the strategies that are in place, expand margins and returns and build strong positions while seizing new opportunities that are facing us,"

"Beyond that, it's up to Rory and his team to decide how to best execute those."

Read kicks off on a salary of $1 million a year but his potential bonus pot is one-and-half times that. He also trousers a million for signing on the dotted line, but he'll have to hand that back if he fails to last two years at the firm.