AMD’s Chief Financial Officer calls it quits

Yet another top executive is leaving AMD. This latest departure has mildly tragicomic undertones, because the man calling it quits is none other than Thomas Seifert, AMD’s Chief Financial Officer.

According to the official announcement that hit the wire this afternoon, Seifert is leaving to “pursue other opportunities.” That’s about the only background information available right now, unless you count this entirely uninformative statement by AMD CEO Rory Read:

“We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011,” said Rory Read, AMD president and CEO. “Thomas’ personal commitment to the highest standards of accountability and financial integrity has helped define how AMD does business today. Devinder is an experienced financial executive whose financial expertise and semiconductor experience developed during his 28 year tenure at AMD is an asset to the company.”

Charlie Demerjian over at SemiAccurate speculates that this was a “planned transition” but adds that “the full story is not out yet.”

Seifert is scheduled to stay on until September 28, at which point AMD Senior VP and Corporate Controller Devinder Kumar will take over as interim CFO. AMD says Kumar will take over as the “search commences” for a new, permanent CFO.

Comments closed
    • Farting Bob
    • 7 years ago

    Im surprised AMD has anybody left running the company, it seems every week a high ranking suit is forced out or escapes. AMD seems like a really good place to move up the ladder, even if once you reach a certain point you know you’ll be gone in 6 months.

    • Anarchist
    • 7 years ago

    if AMD is to survive, … they need to get a real CEO, not some sales-guy in nicer suit.

    • Hattig
    • 7 years ago

    Man who had taste of CEO-ship can see that Rory Read is in for the long term at AMD and that his opportunities are blocked there, so leaves to be a CEO elsewhere. No biggie.

      • sschaem
      • 7 years ago

      He join AMD in late 2009 , so he was at AMD for less then 3 years.

      AMD paid him 3.8 million a year.
      [url<]http://www.forbes.com/profile/thomas-seifert-1/[/url<] (He is not by far the highest paid AMD executing.. AMD is a true cow for people that work there) But half of that was in stock option... and from what I can tell, those might be worth Zero for a long, long time. Having only spend 34month at AMD, its better for him to join another company since the million he stack in option are worth nothing. edit: I listened to him once, and he had the energy of a dead fish. He would make a terrible CEO.

        • NeelyCam
        • 7 years ago

        How about that Golden Parachute..?
        Oh well, it’s just a one-time charge – AMD is still supremely profitable

    • shank15217
    • 7 years ago

    Well most of the people leaving amd contributed to the last four years of missteps that caused the company to fail so hard. They will be hurting for quite some time and more of the older team will leave or get fired. If and had any hope it will be through changing their strategy and building on their strengths.

      • NeelyCam
      • 7 years ago

      [quote<]building on their strengths.[/quote<] What are those...?

    • tfp
    • 7 years ago

    He was interim CEO and then CFO (which is a downgrade), why would he want to stay? If he was interim CEO he could probably be the “real” CEO somewhere else.

    I would also expect Rory is slowly building his own team, interim people aren’t always kept around.

    • phileasfogg
    • 7 years ago

    the rate at which high-level insiders are leaving AMD, Mr Demerjian will need to join AMD as an employee so that he can ‘leak’ insider news to himself.

      • Arclight
      • 7 years ago

      That’s a good one. +1’ed

    • ronch
    • 7 years ago

    [url<]http://www.youtube.com/watch?v=eqyUAtzS_6M[/url<]

    • blastdoor
    • 7 years ago

    Being CFO of AMD has to be an extremely depressing job… sort of like being a farmer living in the middle of a desert, or being in charge of the navy of a land locked country.

      • Disco
      • 7 years ago

      It could be worse. He could have been on the board at RIM.

        • NeelyCam
        • 7 years ago

        Or HP

    • HisDivineOrder
    • 7 years ago

    They’re all abandoning ship. They read the writing on the walls and are getting out while the getting out is good. In the meantime, AMD is making press releases about stunt hires that’ll last a year or so and achieve nothing in the near term. AMD’s just trying to hold together long enough to entertain a purchase offer from a larger company that might like AMD’s graphics and CPU building patents.

    Doesn’t bode well for AMD driver support in the long term.

      • homerdog
      • 7 years ago

      The getting is still good?

    • glacius555
    • 7 years ago

    I just remembered this joke, not sure why..

    Sinking British ship to German coastguard:

    “Ship to the German coastguard! We are sinking!”

    German coastguard, after a long pause, German accent:

    “What are you sinking about?”

    🙁

      • Meadows
      • 7 years ago

      [url<]http://www.youtube.com/watch?v=5Z_3AhZh8Y0[/url<] Never write down what you can hear.

        • Sam125
        • 7 years ago

        Bahaha that’s hilarious. Although the British chap did deliberately and improperly annunciate “sinking” to make the joke work.

    • albundy
    • 7 years ago

    there must be alot of executive/officer level jobs out there for so many to quit.

      • dmjifn
      • 7 years ago

      Maybe. I do know that there are at least some companies out there that do executive placement exclusively, some serve as the executive’s agent and others as the company’s agent. Apparently it’s lucrative.

    • MadManOriginal
    • 7 years ago

    “pursue [s<]other[/s<] actual opportunities." FTFY.

      • Essence
      • 7 years ago

      People honestly think he wasn’t sacked?

        • jjj
        • 7 years ago

        He wasn’t sacked,he is staying for a couple of weeks to help the interim CFO with the transition,there is no permanent CFO ready to take the job and he did a good job until now,had a good reputation so there is nothing to point that he was sacked and everything suggests that he is taking a CEO job somewhere else.

          • Captain Ned
          • 7 years ago

          Bushwa.

          I’ve done the corporate thing. “Pursuing other opportunities” is corporate-speak for GTFO and the door will whack you ass in a painful way.

            • superjawes
            • 7 years ago

            Gotta agree with that. Those positions that start with the word “Chief” pay pretty damn well. Few people would willingly give it up, and usually it would be for retirement or getting a better job. If this guy doesn’t have a job lined up, it was probably a sacking.

            • blastdoor
            • 7 years ago

            You guys have no idea what you are talking about. Yes, “seeking other opportunities” is corporate double talk used to paper over an embarrassing truth, but the truth could be embarrassing to either the company or the departing C guy — your position as anonymous commenters doesn’t really give you the info you need to know which.

            Also, the motivations of those C level guys are not all identical or focused primarily on money. And even if their only interest were money, the CFO knows better than most how much money AMD has or is likely to have in the near future. It’s possible that this guy just sees the writing n the wall and knows that working full time to find a new job is a better use of his time than staying with this sinking ship. I’m not saying that’s what’s going on — I’m just pointing out that there isn’t one plausible explanation for this (ie — you guys don’t know what you’re talking about)

            • superjawes
            • 7 years ago

            It doesn’t have to be a money motivation. If you need a new job, it’s perfectly reasonable to keep your current one while searching for opportunities, especially because you might be looking for some time. No job = no income. Frankly, even if you have a financial cusion, it doesn’t make good fiscal sense to quit just to pursue new employment.

            EDIT: furthermore, there are other ways to phrase/spin quitting. He could be “retiring” or even “going to be a stay at home dad for awhile.” Saying “to pursue other interests” suggests that he still wants to work immediately, but will not longer have a job at AMD. That reeks of something under the surface.

        • Sam125
        • 7 years ago

        When a person has been with a company for 28 years they become entrenched and set in their ways. I’d speculate that he didn’t like the changes going on at AMD so he decided to leave. The fact that AMD doesn’t have a replacement is a pretty sure indication that it was Mr Seifert that decided to leave.

          • ludi
          • 7 years ago

          Yeah, little of both, I expect. The fact that he’s staying until the 28th suggests he has been butting heads with the new management, and they reached an amicable truce in which he resigns with two-weeks notice, helping to ensure an orderly transition. In exchange for that, he gets his plate of cookies at the door.

          As opposed to the other way, when the corporate email announcement begins with the words “Effective immediately…”

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