Another high profile executive has fled Advanced Micro Devices (AMD). Thomas Seifert, previously the Sunnyvale chip designer's Chief Financial Officer (CFO), has resigned "to pursue other opportunities." Taking his place is Devinder Kumar, senior vice president and corporate controller. Kumar assumes the position on an interim basis as AMD seeks a permanent replacement.
According to AMD, Seiftert's announced departure doesn't carry any unnecessary drama. It was not decided based on any disagreement with the company or over AMD's accounting principles or practice, the chip designer said. Simply put, Seifert felt it was time to move on.
"We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011," said Rory Read, AMD president and CEO. "Thomas’ personal commitment to the highest standards of accountability and financial integrity has helped define how AMD does business today. Devinder is an experienced financial executive whose financial expertise and semiconductor experience developed during his 28 year tenure at AMD is an asset to the company."
As amicable as this departure seems to be, it's the latest in a long string of high profile resignations at AMD that spans the past few years. AMD lost Eric Demers, former graphics Chief Technology Officer, back in February of this year, Before that, high profile resignations include Dirk Meyer (former CEO), Rick Bergman (former Products Group GM), Nigel Dessau (former CMO), Emilio Ghilardi (former Senior VP and Chief Sales Officer), and Godfrey Cheng (former Director of Client Technologies and 12-year employee at AMD). All of these departures occured no earlier than 2011.
Whether the result of the cumulative effect of losing so many high-level executives or simply a reaction to Seifert specifically, investors hit the panic button after news hit the wire, sending AMD's share price down nearly 12 percent in extended trading hours.