AMD Adds Second Board Member From Abu Dhabi
Advanced Micro Devices Inc. (AMD) said its largest shareholder, Mubadala Development Co., added a second representative on the company’s board.
Mubadala, an investment arm of the government of Abu Dhabi, nominated Ahmed Yahia Al Idrissi to AMD’s board, the Sunnyvale, California-based company said in a statement yesterday.
“The appointment of Ahmed to the AMD Board is consistent with Mubadala’s long-standing commitment to the company and a reflection of the importance of the semiconductor industry to the Mubadala portfolio,” AMD spokesman Drew Prairie said in an e-mailed statement.
Mubadala, which owns almost 20 percent of the chipmaker, is broadening its oversight of AMD’s management as some analysts predict that a slowdown in the personal-computer industry will leave the company short of the cash required to bring new models to market and reverse its fortunes.
Yahia is a former McKinsey & Co. partner who is currently an executive director of Mubadala Industry, where he is responsible for its metals, mining, utilities and advanced materials and products, AMD said in the statement. He holds degrees from the Massachusetts Institute of Technology and Ecole Centrale Paris.
Abu Dhabi, through Mubadala, took a stake in AMD when it bought the company’s manufacturing operations to create the contract chip manufacturer Globalfoundries Inc. in a transaction announced in 2008. AMD is Globalfoundries’ largest customer.
AMD shares rose 2.5 percent to $2.03 at the close in New York. They earlier rose as much at 4.6 percent. The stock is down 62 percent this year.
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