SUNNYVALE (dpa-AFX) - Chip maker Advanced Micro Devices Inc. (AMD), Wednesday confirmed the appointment of Devinder Kumar as its chief financial officer. Kumar was previously its interim CFO. He will report to AMD Chief Executive Rory Read.
'Devinder has been with AMD for more than 28 years and is a talented finance veteran with deep industry knowledge,' said CEO Read.
'As we accelerate our strategic growth initiatives, Devinder will play an integral role driving the new business model in the near term and strengthening AMD's long-term financial foundation,' Read added.
Kumar has been interim CFO since September 2012, in place of Thomas Seifert who resigned from the company at that time. Kumar also served as corporate controller of AMD since 2001 and as senior vice president since 2006.
AMD is the only significant rival to behemoth Intel Corp. (INTC) in the central processor market for personal computers and is also a leading supplier of graphics processing units. In mid-October, AMD reported a third-quarter loss as revenues and margins dropped sharply reflecting weak demand for PCs and notebooks. The company also announced plans to lay off 15 percent of its global workforce. In November, AMD denied a Reuters report that it is exploring options, including a potential sale.
AMD closed Wednesday at $2.53, up 5.42%, on a volume of over 27 million shares on the NYSE.
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