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AMD CFO Thomas Seifert resigns (going to Siemens?)

Posted on Tuesday, September 18 2012 @ 11:36:57 CEST by

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Another piece of job transition news comes from AMD. The company announced on Monday that Thomas Seifert decided to resign as senior vice president and chief financial officer to pursue other opportunities. His role will be taken over on an interim base by Devinder Kumar, senior vice president and corporate controller, while the company searched a replacement. Seifert will remain with AMD until September 28, 2012 to help with the transition to the interim-CEO.

Seifert joined AMD in 2009 after leaving a COO and interim-CFO position at bankrupt memory maker Qimonda. In 2011 he became interim-CEO of the company after CEO Dirk Meyer stepped down in January 2011, but he returned to his CFO position when the board appointed Rory Read as the new CEO.

Bright Side of News talked to its sources and heard that while AMD's debt was reduced to a more manageable level under Seifert's reign, some feel he made a bigger mess than Dirk Meyer did in 2005 with his deliberate 65nm delay. AMD culled between 10 and 15 percent of the company's staff, with the majority of the cuts made in the engineering and marketing department. One of BSN's sources complained Seifert "could not see a golden goose even if he tripped over it", and notes engineering departments started to suffer from a major brain drain following the forced exodus of their colleagues. Details on Seifert's next venture are unknown, but BSN heard rumors that he may take up a position at Siemens.
AMD (NYSE: AMD) today announced that Thomas Seifert informed the company of his decision to resign as senior vice president and chief financial officer to pursue other opportunities. Devinder Kumar, senior vice president and corporate controller, will serve as interim chief financial officer while a search commences for Mr. Seifert’s replacement. Kumar has served as the Company’s corporate controller since 2001. Seifert’s departure is not based on any disagreement over the company’s accounting principles or practices, or financial statement disclosures.

“We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011,” said Rory Read, AMD president and CEO. “Thomas’ personal commitment to the highest standards of accountability and financial integrity has helped define how AMD does business today. Devinder is an experienced financial executive whose financial expertise and semiconductor experience developed during his 28 year tenure at AMD is an asset to the company.”

Mr. Seifert will remain with the company until September 28, 2012 to assist with the transition to the interim CFO.
AMD shares fell 6.48 percent to $3.75 in Monday's after-hours trading.



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