AMD last night ended the reign of CEO Dirk Meyer - a move he agreed with apparently - and installed SVP and CFO Thomas Seifert as interim boss.
The chip giant has created a CEO Search Committee headed by Chairman of the Board Bruce Claflin, as Siefert asked not to be considered for the top job on a permanent basis.
Claflin said Meyer moved into AMD's CEO office during "difficult times" but claimed he stabilised the ship, while finalising strategic initatives including the launch of GLOBALFOUNDRIE and the litigation with Intel.
"However, the Board believes we have opportunity to create increased shareholder value over time. This will require the company to have significant growth, establish market leadership and generate superior financal returns.
"We believe a change in leadership at this time will accelerate the company's ability to accomplish these objectives," said Claflin.
Siefert who joined AMD in 2009 from Qimonda AG, where he was COO and CFO and prior to that was SVP and GM at Infineon AG's Wireless Business Group.
The chip giant used the change at the top to unveil certain preliminary results for Q4 2010, with sales up 2% sequentially to $1.65bn.