Advanced Micro Devices still has not found itself a new chief executive officer, according to anonymous sources close to the company. Despite rumours that AMD would introduce new chief exec before reporting earnings later this week, but that is not going to happen.
More than seven months after AMD's chief executive officer Dirk Meyer stepped down, the company will not be ready to announce a new leader when it reports quarterly earnings this week, said one of the people, who declined to be identified, reports Bloomberg news-agency. This fact is likely to worry investors despite of the fact that the company is projected to report profits. Investors and analysts will naturally lose confidence in AMD's long-term success without a visionary at the company.
“It is urgent. The company needs direction, and right now, without a CEO, they’re operating in transition and they need a very strong leader. [...] The challenges of AMD are well-known, and for that reason I believe it’s going to take some time to find the right person,” said Michael Yoshikami, chief investment strategist at YCMNet Advisors.
Many of well-recognized industry leaders, including those from Apple, EMC, IBM and Cisco turned down the offering to become chief executive officer of AMD. Without proper CEO with a solid vision for technology development, it will be pretty hard for AMD to position itself in the long term as well as to define its roadmap for the coming years.
“The search is obviously a priority. The board continues to make good progress while ensuring we take the time to select a person with the right vision, experience and track record to lead AMD into the future and increase shareholder value over time," said Drew Prairie, a spokesperson for AMD.
AMD will webcast its quarterly earnings conference call on Thursday, July 21, 2011 at 5pm EDT/2pm PDT to discuss the results of its fiscal second quarter ended July 2, 2011.