Last month AMD's board ousted CEO Dirk Meyer and today news reaches us that two more senior executives have resigned. Chief operating officer (COO) Robert Rivet leaves the company after 11 years of service, while senior vice president of corporate strategy Marty Seyer leaves the firm following 9 years of service. According to a statement from AMD, both executives are leaving to pursue new opportunities.
Doug Freedman, an analyst with Gleacher & Co., downplayed the impact of the departures, which he said did not surprise him. Rivet's role in the company had been diminished since the time he served as CFO, Freedman said, and AMD's lost market share in server chips under Seyer's watch left him vulnerable. "It's hard not to think that the heat in the kitchen got to him," Freedman said.
Dean McCarron, principal analyst at Mercury Research, said he believes the departures of Rivet and Seyer are connected with the resignation last month of former President and CEO Dirk Meyer--part of a series of moves by the board of directors to realign AMD. "I really think it's just reflecting that the board of directors is serious about getting AMD's position in the market strengthened," McCarron said.