AMD has appointed Dr. Lisa Su as president and chief executive officer and member of the board of directors effective immediately.
Su succeeds Rory Read, who has stepped down as president and chief executive officer, and member of the board of directors, as part of a transition plan, the company said.
Leadership succession planning has been a joint effort between Rory and the board, said Bruce Claflin, chairman of AMD’s board of directors. According to Claflin, Su’s “expertise and proven leadership in the global semiconductor industry make this an ideal time for her to lead the company.”
Commenting on her appointment, Su said, “I look forward to expanding on the strong foundation we have built under Rory’s leadership as we develop industry-leading technologies and products for a diverse set of markets to drive sustainable and profitable growth.”
Read will support the transition in an advisory role, remaining with the company through the end of 2014.
Under the leadership of Read, AMD has made significant progress in financial and operational performance.
The company returned to non-GAAP profitability and materially diversified its business. Since 2012, AMD has reduced operating expenditures by approximately 30 percent and maintained cash at near an optimal level of $1 billion. AMD also improved its balance sheet by re-profiling its debt with no significant debt coming due until 2019.
Su joined AMD in 2012 and was most recently chief operating officer responsible for integrating AMD’s business units, sales, global operations and infrastructure enablement teams into a single market-facing organization responsible for all aspects of product strategy, product execution, sales and operations.
Previously, she was senior vice president and general manager, Global Business Units, responsible for the company’s product strategy, product definition and business plans.