AMD Loses Big, CEO Ruiz Steps Down

SAN FRANCISCO -- Advanced Micro Devices(AMD Quote) reported another massive loss in the second quarter, and it has finally brought the end of CEO Hector Ruiz's tenure.

The chipmaker said Ruiz would step down effective immediately, with President and Chief Operating Officer Dirk Meyer taking the CEO post. Ruiz will become executive chairman.

AMD's results included an $880 billion writedown to the company's' consumer electronics business, announced last week. AMD said Thursday that it was divesting itself of the business, though it provided no details on whether the business was being sold to another company. ...