All change at AMD
Advanced Micro Devices Inc has announced that Rory Read has stepped down after three years as president and chief executive officer. He will be succeeded by Lisa Su who had been serving as chief operating officer.
Seen by the industry as a surprise move, Mr. Read has been reported as saying in the press that the change reflected his regular discussions with AMD's board about succession issues. "Now is the right time for her to take the reins and continue driving AMD forward," he said.
As part of a separation agreement, Read, 52, will receive a one-time lump-sum payment of $5 million and be eligible for an annual cash bonus for the current year, the company said. He will forfeit some equity awards granted this year and remain with the Sunnyvale, California-based company through the end of 2014 in an advisory role.