Dubai, United Arab Emirates.
— Oct. 9, 2014
— AMD
(NYSE: AMD) today announced that its board of directors has appointed
Dr.
Lisa Su as president and chief executive officer and member of
the board of directors, effective immediately. Dr. Su, 44, succeeds
Rory Read, 52, who has stepped down as president and chief executive
officer, and member of the board of directors, as part of a
transition plan. Read will support the transition in an advisory
role, remaining with the company through the end of 2014.
“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.”
Commenting on her appointment, Dr. Su said,
“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.”
During the last three
years, AMD has made significant progress in financial and operational
performance. The company
returned to
non-GAAP profitability and materially diversified its business. Since
2012, AMD has reduced operating expenditures by approximately 30
percent and maintained cash at near an optimal level of $1 billion.
AMD also improved its balance sheet by re-profiling its debt with no
significant debt coming due until 2019.
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.”
AMD
Teleconference
AMD
will hold a conference call for the financial and media communities
at 2 p.m. PDT (5 p.m. EDT) today to discuss today’s announcement.
AMD will provide a real-time audio broadcast of the teleconference on
the Investor
Relations
page of its website at www.amd.com.
The webcast will be available for 12 months after the conference
call.
About
Dr. Lisa Su
Dr. Su joined AMD in 2012 and was most
recently chief operating officer responsible for integrating AMD’s
business units, sales, global operations and infrastructure
enablement teams into a single market-facing organization responsible
for all aspects of product strategy, product execution, sales and
operations. Previously, she was senior vice president and general
manager, Global Business Units, responsible for the company’s
product strategy, product definition and business plans.
Prior to joining AMD, Dr. Su served as
senior vice president and general manager, Networking and Multimedia
at Freescale Semiconductor, Inc., and was responsible for global
strategy, marketing and engineering for the company’s embedded
communications and applications processor business. Dr. Su joined
Freescale in 2007 as chief technology officer, where she led the
company’s technology roadmap and research and development
efforts. Prior to her tenure at Freescale, Dr. Su spent 13 years
with IBM in various engineering and business leadership positions,
including vice president of the Semiconductor Research and
Development Center responsible for the strategic direction of IBM's
silicon technologies, joint development alliances and semiconductor
R&D operations. Prior to IBM, she was a member of the technical
staff at Texas Instruments in the Semiconductor Process and Device
Center.
Dr. Su received bachelor's, master's and
doctorate degrees in electrical engineering from the Massachusetts
Institute of Technology and was named Fellow of the Institute of
Electronics and Electrical Engineers in 2009. She has published more
than 40 technical articles and was named a Fellow of the Institute of
Electronics and Electrical Engineers (IEEE) in 2009. Dr. Su was named
“2014 Executive of the Year” at the EETimes and EDN 2014 ACE
Awards and was honored in MIT Technology Review’s Top 100 Young
Innovators in 2002. She also serves on the Board of Directors of
Analog Devices since 2012.
About
AMD
AMD (NYSE: AMD) designs and integrates
technology that powers millions of intelligent devices, including
personal computers, tablets, game consoles and cloud servers that
define the new era of surround computing. AMD solutions enable people
everywhere to realize the full potential of their favorite devices
and applications to push the boundaries of what is possible. For more
information, visit www.amd.com.
Cautionary
Statement
This press release contains forward-looking
statements concerning AMD, its opportunity to shape the future of
computing; its ability to develop industry leading technologies and
products; its ability to drive sustainable and profitable growth;
which are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
are commonly identified by words such as “believes, "expects,"
“may,” “will,” “should,” “seeks,” “intends,” “pro
forma,” “estimates,” “anticipates,” “plans,”
“projects,” “would” and other terms with similar meaning.
Investors are cautioned that the forward-looking statements in this
release are based on current beliefs, assumptions and expectations,
speak only as of the date of this release and involve risks and
uncertainties that could cause actual results to differ materially
from current expectations. Risks include the possibility that Intel
Corporation's pricing, marketing and rebating programs, product
bundling, standard setting, new product introductions or other
activities may negatively impact AMD’s plans; that AMD will require
additional funding and may be unable to raise sufficient capital on
favorable terms, or at all; that customers stop buying AMD’s
products or materially reduce their operations or demand for AMD’s
products; that AMD may be unable to develop, launch and ramp new
products and technologies in the volumes that are required by the
market at mature yields on a timely basis; that AMD’s third-party
foundry suppliers will be unable to transition AMD’s products to
advanced manufacturing process technologies in a timely and effective
way or to manufacture AMD’s products on a timely basis in
sufficient quantities and using competitive process technologies;
that AMD will be unable to obtain sufficient manufacturing capacity
or components to meet demand for its products or will not fully
utilize its projected manufacturing capacity needs at
GLOBALFOUNDRIES, Inc. (GF) microprocessor manufacturing facilities;
that AMD’s requirements for wafers will be less than the fixed
number of wafers that it agreed to purchase from GF or GF encounters
problems that significantly reduce the number of functional die it
receives from each wafer; that AMD is unable to successfully
implement its long-term business strategy; that AMD inaccurately
estimates the quantity or type of products that its customers will
want in the future or will ultimately end up purchasing, resulting in
excess or obsolete inventory; that AMD is unable to manage the risks
related to the use of its third-party distributors and add-in-board
(AIB) partners or offer the appropriate incentives to focus them on
the sale of AMD’s products; that AMD may be unable to maintain the
level of investment in research and development that is required to
remain competitive; that there may be unexpected variations in market
growth and demand for AMD’s products and technologies in light of
the product mix that it may have available at any particular time;
that global business and economic conditions will not improve or will
worsen; that PC market conditions, will not improve or will worsen;
that demand for computers will be lower than currently expected; and
the effect of political or economic instability, domestically or
internationally, on AMD’s sales or supply chain. Investors are
urged to review in detail the risks and uncertainties in AMD’s
Securities and Exchange Commission filings, including but not limited
to the Quarterly Report on Form 10-Q for the quarter ended June 28,
2014.
