Three top AMD executives at the chip manufacturer, including chip boss John Byrne, have been given their marching orders in a clean out as new chief executive Lisa Su tries to stem the company’s continuing losses.
In addition to Byrne, AMD’s Computing and Graphics Business Group general manager and Colette LaForce, AMD chief marketing officer, and Raj Naik, AMD’s chief strategy officer. At this point, AMD hasn’t said how or when it will fill LaForce’s and Naik’s positions.
Effective January 12, 2015, John Byrne, will no longer serve as General Manager, Computing and Graphics Business Group, or as a Section 16 officer, of Advanced Micro Devices, Inc. (“AMD”). He will be leaving AMD to pursue other opportunities. Mr. Byrne will remain with AMD as an employee until March 31, 2015 to assist with transition matters. Dr. Lisa T. Su, President and Chief Executive Officer, will be acting in the role of General Manager, Computing and Graphics Business Group, as AMD conducts an external search for this role.
In an SEC filing, AMD said Byrne will stay on until March 31 to assist with the transition. For the time being, Su will take on his former duties until a replacement is found through an external search, AMD said.
AMD denied the three executives were fired, saying in a statement provided toBloomberg, “These changes to the leadership team reporting into our CEO are a part of implementing an optimal organization design and leadership team to drive AMD’s future growth. They are leaving AMD to pursue new opportunities.”
AMD also disclosed that it awarded Devinder Kumar, its chief financial officer, and Mark Papermaster, its chief technical officer, restricted stock that vests in 2017 and 2018 as retention incentives.
October 2014, AMD replaced Rory Read, its former chief executive who’d brought losses to an end by finding new revenue streams. Dr. Lisa T. Su, is a highly regarded chief operating officer (COO) who previously was in charge of its business groups, sales and global operations.
AMD subsequently posted worse-than-expected Q3 results with revenue of $1.43 billion, a 2 percent year-over-year decline, and net income of $17 million, or 2 cents a share, a 67 percent topple from the same time last year. AMD reported net income of $20 million, or 3 cents a share for the latest quarter. AMD’s cash storehouse also took a hit, slipping to $938 million at the end of the quarter.