by Christopher Freeburn | September 18, 2012 11:30 am
Shares of Advanced Micro Devices (NYSE:AMD) dropped sharply on Tuesday after the company revealed that its CFO, Thomas Seifert, had resigned.
Devinder Kumar, AMD’s corporate controller, has been tapped as interim CFO while the company seeks a permanent replacement for Seifert, who departed the company to explore other opportunities, Bloomberg noted.
Shares of AMD fell more than 7% in morning trading on Tuesday. The company’s shares have lost 26% of their value this year.
Officially, Seifert will leave AMD on September 28. Last year, he served as temporary head of the company after CEO Dirk Meyer stepped down. Rory Head ultimately succeeded Meyer.
Due to his resignation, Seifert is not eligible for severance pay.
The sudden resignation of its CFO is prompting analysts to question whether the company’s management team can turn the struggling chip maker’s fortunes around.
AMD is locked in competition with rival Intel (NASDAQ:INTC) for semiconductor market-share.
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