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AMD Shares Plunge on CFO Departure

Stocks in this article: AMD INTC

NEW YORK ( TheStreet) - AMD (AMD) 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) 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.

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