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AMD Shares Slip as CFO Resigns (AMD)

California-based Semiconductor Giant, Advanced Micro Devices Inc. (NYSE: AMD) announced that its Senior Vice President and Chief Financial Officer, Thomas Seifert has informed the company of his decision to resign from the positions to pursue other opportunities.

AMD has appointed Devinder Kumar to serve as an interim CFO in addition to its current position as a Senior Vice President and Corporate Controller. Seifert is expected to remain with the company until Sep 28th to guide and assist with the transition process.

Seifert had been with the company for almost 3 years. Prior to the appointment of Rory Read as CEO, he had previously served as an interim CEO for about nine months after Dirk Meyer’s exit in January 2011.

Kumar has been with the company on different designations for the past 28 years. The current CEO Rory claimed that Kumar’s tremendous expertise in Finance and his experience in Semi Conductor industry is definitely an asset to AMD.

AMD also clarified that the exit of Seifert is not based on any disagreement over the company’s accounting principles or practices, or financial statement disclosures. CEO Rory congratulated Seifert on his personal commitment to the highest standards of accountability and financial integrity.

AMD has evolved so much since its inception in 1969. It is now a semiconductor design innovator and provides wide range of computing products with more than 50 manufacturing facilities worldwide. As per the latest quarterly results for June 2012, the company reported net revenues of $1413 million with $77 million as operating income and $37 million as net profit. It had total assets worth $5041 million including $1015 million as cash and its equivalents. Its total liabilities were $3924 million, among which 60% were current.

Share price of AMD dropped by 11% in after hours trade Monday following the announcement of Seifert’s departure. It opened today at $3.7 which was much below its previous day close of $4.01 and has been trading in the range of $3.66 and $3.90 by mid half of the session.

At the last check, it was trading 8.23% lower at $3.68, with volume up from daily average of 22 million to 69.12 million. It had its 52 week high at $8.35 in March 2012 and deteriorated since then. It is currently trading very close to its 52 week low of $3.43.

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