AMD Posts Second-Quarter CEO Loss

Advanced Micro Devices has tapped Chief Operating Officer Dirk Meyer as its new CEO, replacing Hector Ruiz. Ruiz will become executive chairman of AMD (AMD) and executive chairman of the board of directors. The changes are effective immediately.

Ruiz announced the leadership change during AMD’s second-quarter financial earnings conference call. “The time is right to turn the company over to a new leader,” he said. And, given the company’s ugly $1.19 billion second-quarter loss, he would appear to be right. “We have not been living up to our potential,” Meyer said during a conference call. “Looking forward, we will. We will demand a pattern of sustained profitability…We will execute, execute and execute.”

Presumably, Meyer is refering to the company’s mission here and not AMD employees who’ve suffered enough already, I think.