AMD announced that its board of directors has appointed Rory P. Read, 49, president and chief executive officer of AMD. Mr. Read joins AMD from Lenovo Group, where he was most recently president and chief Operating officer responsible for leading day-to-day global operations while overseeing the development and implementation of the company’s growth strategy.
“I’m very pleased to be joining AMD at this important time in its history. AMD is a true innovator and is uniquely positioned to lead the industry forward, delivering the next big thing both within the PC ecosystem and beyond. AMD has strong momentum and the opportunity to continue profitably gaining share based on its highly differentiated products, solid financial foundation, and passionate and committed employees. I’m excited to be joining AMD’s employees as we write the next chapter not just for the company, but for the industry and consumers around the world," said Mr. Read.
While managing Lenovo’s Americas group, Read drove double-digit revenue growth and market share gains, reversing operating losses and delivering consistent profitability. He was promoted to president and COO in 2009, helping to transform Lenovo into the world’s fastest growing major PC manufacturer and achieving its largest worldwide market share ever.
One of the things that AMD needs from its new chief executive officer is maintaining and growing profitability as well as providing vision for future growth beyond personal computers and servers.
While Mr. Read will likely start to define the new strategy for AMD shortly, it will take several years till the era of Dirk Meyer and Hector Ruiz ends at AMD and the era of Rory Read begins.
Prior to Lenovo, Read spent 23 years at IBM where he held a broad range of management positions. While at IBM, Read consistently grew revenues while significantly improving the operating profitability for the groups under his management, including IBM’s business consulting services division, global business transformation of IBM global services and business consulting services/Asia Pacific.
“Rory is a proven leader with an impressive record of driving profitable growth. He is ideally suited to accelerate AMD’s evolution into the world’s leading semiconductor design company. As president and COO of Lenovo he helped take the company into dynamic new markets while growing market share and expanding profitability. His sound strategic thinking and natural customer orientation will help amplify the voice of the customer inside AMD," said Bruce Claflin, chairman of AMD's board of directors.
Mr. Read has also been appointed to the company’s board of directors. Thomas Seifert, who served as interim chief executive officer since January, will return to his role as chief financial officer. Bruce Claflin returns to his role as AMD’s chairman of the board.