This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

AMD Shares Plunge on CFO Departure

NEW YORK ( TheStreet) - AMD (AMD - Get Report) Chief Financial Officer Thomas Seifert is leaving the company, sending the no.2 chip maker's shares into free fall.

"Seifert has informed the company of his decision to resign as senior vice president and chief financial officer to pursue other opportunities," explained AMD, in a statement released after market close on Monday. "Seifert's departure is not based on any disagreement over the Company's accounting principles or practices, or financial statement disclosures," it added.

The Sunnyvale, Calif.-based firm did not reveal where Seifert is heading.

Shares of the Intel (INTC - Get Report) rival plunged 10.47% to $3.59 following the announcement with after-hours volume exceeding 1.5 million.

"We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011," explained AMD Chief Executive Officer Rory Read, in the statement. "Thomas' personal commitment to the highest standards of accountability and financial integrity has helped define how AMD does business today."

Devinder Kumar, AMD's senior vice president and corporate controller, will serve as the company's interim CFO while a search begins for Seifert's replacement. Seifert will remain at the company until Sept. 28 to assist with the transition to the interim CFO.

Shares of AMD, which recently lowered its third-quarter revenue outlook, are down more than 25% this year.

-- Written by James Rogers in New York.

>To submit a news tip, send an email to: tips@thestreet.com.

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AMD $2.29 -0.87%
INTC $32.63 -1.70%
AAPL $125.85 -2.20%
FB $77.62 -1.50%
GOOG $531.81 -1.70%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs