Advanced Micro Devices Inc., the second-largest maker of processors for personal computers, said Devinder Kumar will become chief financial officer.
Kumar, 57, who has filled the role on an interim basis since Thomas Seifert departed in September, was chosen after a “thorough internal and external search,” the company said today in a statement. Kumar has been controller since 2001. His appointment is effective today.
Seifert’s resignation in late September left the company without a finance chief amid a struggle to claw back market share lost to larger competitor Intel Corp. and to stem losses that some analysts have fretted will leave it short of cash.
Kumar, a veteran of Sunnyvale, California-based AMD for more than 28 years, has a bachelor’s degree from the University of Malaya, Malaysia, a master’s degree from the University of California, Santa Barbara, and a master’s degree in business administration from the University of California, Los Angeles.
AMD shares rose 5.4 percent to $2.53 at the close in New York, before the announcement. They lost 56 percent of their value last year.