AMD appoints Lisa Su as CEO

Tech giant AMD today said it has elevated its chief operating officer Lisa Su to the post of CEO, making her the first woman to head the global chip maker.
She succeeds Rory Read, who has stepped down as President and chief executive officer, and member of the board of directors, as part of a transition plan.
Su, 44, has appointed as president, CEO and member of the board of directors, effective immediately, AMD said in a statement.
"Leadership succession planning has been a joint effort between Rory and the board and we felt that Lisa's expertise and proven leadership in the global semiconductor industry make this an ideal time for her to lead the company," AMD board of directors Chairman Bruce Claflin said.

The board looks forward to continuing to work with Lisa and the rest of the senior management team to build on the company's momentum, he added.
"I would also like to thank Rory for his many accomplishments and contributions positioning AMD for long-term success by helping to create a strong foundation and clear path to re-establish the company's growth and profitability," he said.

Su had joined AMD in 2012 and was responsible for integrating AMD's business units, sales, global operations and infrastructure enablement teams into a single market-facing organisation.
She was responsible for all aspects of product strategy, product execution, sales and operations. Prior to joining AMD, she has worked with Freescale Semiconductor.

Read will support the transition in an advisory role, remaining with the company through the end of 2014. During the last three years, AMD has made significant progress in financial and operational performance.
Under Read, the company returned to non-GAAP profitability and materially diversified its business. Since 2012, it has reduced operating expenditures by approximately 30 per cent and maintained cash at near an optimal level of USD 1 billion.
AMD also improved its balance sheet by re-profiling its debt with no significant debt coming due until 2019.