AMD has bled red ink in the past several months as a result of a brutal price war with Intel and a stale lineup of processors compared with its larger rival. In the most recently ended quarter, AMD lost $600 million on sales of $1.38 billion . And the company has more than $5 billion of debt on its balance sheet.

In a statement, Richard said he has decided to make a move to "a different business segment."

"I am leaving AMD at a time when the company is in position to break the monopoly that plagues this industry. I am immensely proud of my contribution to AMD, and in particular, of the strong team I leave behind."

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