AMD Chief Operating Officer Robert Rivet Steps Down
Advanced Micro Devices Inc., the second-largest maker of processors for personal computers, said Chief Operating Officer Robert Rivet is leaving the company, the second senior executive to depart in a month.
Rivet, 56, who joined AMD as chief financial officer in 2000, stepped down yesterday, the company said in a regulatory filing.
Rivet’s exit follows the Jan. 10 resignation of Chief Executive Officer Dirk Meyer, who was replaced on an interim basis by finance chief Thomas Seifert. Meyer left after a dispute with AMD directors over how to invigorate server sales and gain ground in mobile computing. AMD also said today that Marty Seyer, senior vice president for corporate strategy, will leave the company.
The two may have decided to leave when AMD said it would conduct an external search for a CEO candidate, creating the impression that they were cut off from a possible promotion, said Alex Gauna, an analyst at JMP Securities in San Francisco.
“This is another distraction, another uncertainty,” said Gauna, who has a “market perform” rating on AMD shares and doesn’t own any himself. “The company is perennially stumbling when it should be moving forward.”
Rivet and Seyer are departing after long careers at the company to pursue other opportunities, said Mike Silverman, a spokesman for Sunnyvale, California-based AMD. Both are expected to remain during a transition period, he said.
AMD fell 6 cents to $8.18 at 1:56 p.m. in New York Stock Exchange composite trading. The shares dropped 15 percent last year.
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