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In a rather surprising move, Advanced Micro Devices on Thursday announced the appointment of Thomas Seifert as chief financial officer. Prior to AMD, Mr. Seifert served as CFO in Qimonda, now insolvent maker of dynamic random access memory. Mr. Seifert succeeds Robert Rivet, who was previously promoted to chief operations and administrative officer.

“Thomas is a talented industry veteran with a wealth of knowledge and experience managing the operations and finances of companies in the most difficult and competitive sectors of the semiconductor industry. This knowledge and experience will enable him to further strengthen AMD’s financial foundation and help accelerate our transformation into a product design and marketing leader,” said Dirk Meyer, chief executive officer of AMD.

Immediately prior to joining AMD, Seifert served as chief operating officer and chief financial officer of Qimonda AG, where he led the formation and subsequent IPO of the company and continued to serve till the firm became bankrupt.

Prior to Qimonda, Seifert served as senior vice president and general manager in the Wireless Business Group at Infineon AG. He has also held executive positions at Siemens AG, White Oak Semiconductor, and Altis Semiconductor, a joint venture launched in 1992 between IBM and Siemens Semiconductor.

It is fairly strange that AMD decided to switch chief financial officer amid the global economic crisis. On the other hand, a reason why AMD decided to hire a new CFO can be the fact that the firm is about to announce its third quarter results, which may be lower than the firm originally anticipated. Earlier both Mr. Meyer and Mr. Rivet said that AMD product company will reach breakeven point in the second half of this year.

Tags: AMD, Business

Discussion

Comments currently: 3
Discussion started: 10/09/09 02:52:49 PM
Latest comment: 10/12/09 01:45:10 PM
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herr Siefert was one of the crooks called “the board” that drove Qimonda into the ground. Other memory companies survived but Qimonda failed coz of no money due to bad decisions and questionable actions. It sure wasn't just a bad market! And AMD put this clown in charge of the money!. LOL!

It’s just greedy senior management aholes looking after each other. No doubt he got the job thru one of his AMD buddies in Dresden. Siefert is probly down to his last million so he needs the job. Never mind the thousands he put out of work, and the many that got no money at all.
It's terrible that scum like this continue to prosper off the hard work of others.
0 0 [Posted by: wulz  | Date: 10/09/09 02:52:49 PM]
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It sure wasn't just a bad market! And AMD put this clown in charge of the money!. LOL!

I agree one big LOL but oth se?or Ruis wasn't that much better and AMD manage to survive with all that money he expunge to various murkies (ATi, ATIC hm do we see abbr similarity) wasn't some popcorn money also. It's easier for crook to take a silver than led. --009 License to kill, really great movie with subtle lines.
0 0 [Posted by: OmegaHuman  | Date: 10/12/09 01:45:10 PM]
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2. 
I wouldn't hire a high officer from a failed company until he proves good results in another company AFTER leaving the dead comany.
0 0 [Posted by: East17  | Date: 10/11/09 05:48:07 PM]
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