AMD Posts Another Loss, Appoints New CEO
Amid mounting losses, AMD today announced it's beleaguered CEO, Hector Ruiz, has stepped down to be replaced by President and Chief Operating Officer Dirk Meyer. In a string of continuing losses, AMD announced a net loss of $1.19 billion for the second quarter, it's seventh quarterly loss in a row. In addition to the financial results, AMD also announced it is exiting the hand held and digital TV chip market and take a one-time charge of $880 million related to the write off. Meyer announced his goal is to focus the company on those area of competency such as chips for PCs and servers while also increasing focus on increasing efficiency and ensuring products are delivered in a timely fashion. AMD also stated it expects to return to profitability during the second half of this year on the basis of lower manufacturing costs and new products. Ruiz remains on as executive chairman and chairman of the board of directors.