Hector Ruiz to stay at AMD's helm next year

— 1:51 PM on December 12, 2007

In light of AMD's recent financial troubles (not to mention the stumbles in the launch of its quad-core Opteron and Phenom processors), talk of Hector Ruiz stepping down as AMD's CEO isn't too surprising. A financial website predicted his departure last month, quoting a "knowledgeable" person as saying AMD President and COO Dirk Meyer was being groomed to replace Ruiz once the CEO's yearly contract expired in April 2008.

However, a new report by Reuters strongly suggests Ruiz will stay at his post for the foreseeable future. The news agency quotes an interview CNBC Europe conducted with Ruiz, in which the AMD CEO confirmed that Meyer is being groomed to succeed him but added that the succession won't happen next year. "We started doing this (the succession planning) four years ago and I'm delighted that Dirk is a strong player," Ruiz explained. "When the time comes for me to hand the reins over to him, it's going to be fantastic." When asked to quote a schedule, Ruiz ruled out any immediate succession. "I can't tell you that, but it's not any time soon." He added, "Not next year."

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