Looking for better growth and financials, chip maker AMD has come to a parting of the ways with CEO Dirk Meyer.
The company announced Monday that after a "mutual agreement" with the board of directors, Meyer will step down immediately, and CFO and Senior Vice President Thomas Seifert will step in as interim CEO.
"Dirk became CEO during difficult times. He successfully stabilized AMD while simultaneously concluding strategic initiatives ," said Bruce Claflin, AMD's chairman. "However, the board believes we have the opportunity to create increased shareholder value over time. This will require the company to have significant growth, establish market leadership and generate superior financial returns."
Claflin said a change in leadership will help AMD achieve its goals.
Dan Olds, an analyst with The Gabriel Consulting Group, said he's not surprised to see AMD lose another CEO, since the company is still behind in its longstanding competition with Intel.
"Although AMD has kept running in the two-horse x86 processor race, they haven't been able to keep up with Intel on a technical or financial basis," added Olds. "They've been late with products that might have allowed them to pull ahead of Intel and have lagged in terms of profitability, as well."
Olds noted that buying graphics company ATI has paid AMD some dividends but wasn't enough to give the company the push it needs.
"That division is performing well, but we're still waiting for the synergistic products that were supposed to revolutionize the industry," he said. "At this point, we don't know if Meyer jumped or was pushed, but when a sports team isn't performing up to expectations, it's usually the coach who pays the price. I think that's what we're seeing here."
AMD reported that a CEO Search Committee already has been formed.
Sharon Gaudin covers the Internet and Web 2.0, emerging technologies, and desktop and laptop chips for Computerworld. Follow Sharon on Twitter at @sgaudin or subscribe to Sharon's RSS feed . Her e-mail address is email@example.com.