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AMD CEO Meyer Steps Down

AMD has announced the resignation of CEO Dirk Meyer as the company struggles to cope with increased competition in the server and tablet PC markets.

The company said that, for the time being, chief financial officer Thomas Seifert will become interim CEO as the company looks for a successor. Seifert has asked the board not to consider him for the permanent position.

Drew Praire, a spokesperson for AMD, told The Wall Street Journal: “The board feels we've got opportunities for significant growth and superior financial returns, and a change in leadership can accelerate the ability to accomplish those goals. We're marching in the right direction, but the issue was just with the pace and finding ways to accelerate the pace.”

However, sources cited by WSJ reveal that Meyer was forced to quit from his job after the board became impatient, wanting quick results. The board believed that Meyer was not acting fast enough to improve the position of the company in the key server and tablet markets.