Market Overview

Advanced Micro Devices Reports Recent Steps In Company Transformation

Related AMD
Early Global News: Clinton's $275 Billion Infrastructure Plan, US Proximity Mobile Payment Transactions to Reach $8.71 Billion And More
Bearish Reaction To Semiconductors: Vetr Crowd Downgrades Advanced Micro Devices And Texas Instruments
AMD's Stock And Bond Trades Like A Black Friday Discount (Seeking Alpha)

Advanced Micro Devices (NYSE: AMD) on Thursday announced its recent steps in the multi-year strategic transformation.

Dr. Lisa Su Named COO

In a press release on Thursday, Advanced Micro Devices reported that Dr. Lisa Su will lead the new structure as the company's Chief Operating Officer.

The 8-K filing showed The Board of Directors approved the appointment on Su on June 9, 2014.

Business Unit To Be Consolidated Into Two Groups

The realignment of the company's strategic transformation also included the consolidation of Micro Devices business units into two groups to enhance customer value in PC and adjacent high-growth markets.

"The Computing and Graphics Business Group will combine AMD's client, consumer graphics and professional graphics businesses, as well as their related product engineering and sales functions."

The press release continues, "The Enterprise, Embedded and Semi-Custom Business Group will combine AMD's server, embedded, dense server and semi-custom businesses, as well as their related product engineering and sales functions."

Additional Appointments And Salary Increases

Under Dr. Su's lead, the company's Chief Sales Officer John Byrne has been appointed senior vice president and general manager responsible for leading the Computing and Graphics Business Group.

The Board of Directors also approved a salary increase for the CFO Devinder Kumar, Mr. John Byrne and Dr. Lisa T. Su to be effective on July 1, 2014. The base salary for Kumar increased $30,000 to $530,000. Byrne will see a significant raise from $455,000 to $550,000 and Su will see a new base salary of $650,000.

Stock Action

Shares of Advanced Micro Devices closed at $4.29 on Wednesday. The stock saw a rapid increase to $4.44, up 3.5 percent, following Thursday's opening bell. Shares are starting to see some sell off, currently trading at $4.36.

Posted-In: Devinder Kumar Dr. Lisa Su John ByrneNews Jim Cramer Management Events


Related Articles (AMD)

View Comments and Join the Discussion!

Get Benzinga's Newsletters