Advanced Micro Devices Reports Recent Steps In Company Transformation
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.
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.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.