Dr. Lisa Su has been named as the new president and chief executive officer of AMD by its board of directors of which she is now part of. Aged 44, she replaces the 52 year old Rory Read who has stepped down as the company’s president and CEO into a supporting, advisory role, guiding Dr. Su through the 2014 transition stage.
“Leadership succession planning has been a joint effort between Rory and the board and we felt that Lisa’s expertise and proven leadership in the global semiconductor industry make this an ideal time for her to lead the company,” said Bruce Claflin, chairman of AMD’s board of directors. “The board looks forward to continuing to work with Lisa and the rest of the senior management team to build on the company’s momentum. I would also like to thank Rory for his many accomplishments and contributions positioning AMD for long-term success by helping to create a strong foundation and clear path to re-establish the company’s growth and profitability.”
Dr. Su said about her new role: “I am deeply honored to have this opportunity to lead AMD during this important time of transformation. Our world-class technology assets combined with the incredible talent and passion of the AMD team provide us with a unique opportunity to shape the future of computing. I look forward to expanding on the strong foundation we have built under Rory’s leadership as we develop industry-leading technologies and products for a diverse set of markets to drive sustainable and profitable growth.”
AMD has boasted financial and operational growth for the last three years, regaining its non-GAAP profitable status and diversifying its reach. Since 2012, AMD has saved as much as 30 percent in operational expenses and has maintained cash levels floating around the USD 1-billion mark. They’ve also incurred no significant debt until 2019.
Now-former AMD president and CEO Read stated, “I am grateful to have had the opportunity to lead such a talented team and proud of what we have accomplished during such an important chapter in the company’s history. Together, we have established the right strategy to enable AMD to continue to grow and transform. I am confident that Lisa is the right leader to drive AMD forward.