Friday, August 26, 2011
Rory Read as AMD New CEO
AMD announced that its board of directors has appointed Rory P. Read, 49, President and Chief Executive Officer of AMD. Mr. Read joins AMD from Lenovo Group, where he was most recently President and Chief Operating Officer.
“I’m very pleased to be joining AMD at this important time in its history. AMD is a true innovator and is uniquely positioned to lead the industry forward, delivering the next big thing both within the PC ecosystem and beyond. AMD has strong momentum and the opportunity to continue profitably gaining share based on its highly differentiated products, solid financial foundation, and passionate and committed employees. I’m excited to be joining AMD’s employees as we write the next chapter not just for the company, but for the industry and consumers around the world," said Mr. Read.
While managing Lenovo’s Americas group, Read drove double-digit revenue growth and market share gains, reversing operating losses and delivering consistent profitability. He was promoted to president and COO in 2009, helping to transform Lenovo into the world’s fastest growing major PC manufacturer and achieving its largest worldwide market share ever.
Prior to Lenovo, Read spent 23 years at IBM where he held a broad range of management positions. While at IBM, Read consistently grew revenues while significantly improving the operating profitability for the groups under his management, including IBM’s business consulting services division, global business transformation of IBM global services and business consulting services/Asia Pacific.
Read's arrival means that Thomas Seifert, who served as interim CEO after Dirk Meyer's resignation, has returned to his role as as AMD's Chief Financial Officer. Bruce Clafin has also dropped the "Executive" from his title and is now, once again, AMD's Chairman.