AMD Appoints Company Insider Devinder Kumar as CFO

NEW YORK ( TheStreet) -- Chipmaker AMD ( AMD) appointed Devinder Kumar as its chief financial officer after a four-month search.

An AMD veteran, Kumar had served as the company's interim CFO since September 2012, when Thomas Seifert stepped down from the role. The appointment is effective immediately.

"Devinder has been with AMD for more than 28 years and is a talented finance veteran with deep industry knowledge," CEO Rory Read said in a statement. "As we accelerate our strategic growth initiatives, Devinder will play an integral role driving the new business model in the near term and strengthening AMD's long-term financial foundation."

Kumar has in-depth knowledge of AMD's workings. The 57-year-old has served as the company's corporate controller since 2001 and as senior vice president since 2006.

In its statement, the No. 2 chipmaker after Intel said it conducted a "thorough internal and external search" for Seifert's replacement.

Shares of AMD, which closed up 5.4% at $2.53 on Wednesday, were off 0.4% in extended trading.

-- Written by James Rogers in New York.

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