Lenovo exec moves to semiconductor maker AMD

Posted August 25, 2011 9:40 a.m. EDT
Updated August 25, 2011 2:54 p.m. EDT

— Chipmaker AMD says its new chief executive will be Rory P. Read, the chief operating officer of Lenovo Group.

Read replaces Thomas Seifert, the chief financial officer, who has served as interim CEO since January, when Dirk Meyer was ousted.

Advanced Micro Devices Inc. is Intel Corp.'s only sizeable competitor when it comes to making PC processors. It's also a leading maker of graphics chips.

The board felt Meyer had not acted fast enough to get AMD chips into smartphones and tablets, which are starting to eat into PC sales.

Lenovo, which has its world headquarters in Morrisville, is the world's third-largest maker of PCs.

“Rory Read has made a significant contribution to our success during his time as president and COO at Lenovo. His selection as CEO of AMD is a great reflection of the way the industry views Lenovo’s talent and our performance,” Lenovo Chief Executive Yang Yuanqing said in a statement.

Lenovo has no plans to name a new president, Yang said, noting all of the executive who reported to Read will now report to him.

"I am very confident that we have a strong team, great products and the right strategy," he said. "Based on that, we will continue our strong growth momentum. Even with the changed industry landscape, we believe that our innovation and efficiency will make us the ultimate winner in the PC market.”