Stock breaks: AMD surprisingly loses German chief financial officer


Seifert wants to "pursue other options, " said the group on Monday. The exact background of the surprising farewell remained unclear. The departure was not related to any differences of opinion on accounting practices or financial statements, the company said. Investors were not reassured: the stock fell by over seven percent after the stock market hit.

Seifert is a proven expert in the semiconductor industry. Prior to AMD, he served as Chief Financial Officer of German memory chip maker Qimonda, which collapsed in early 2009 due to falling chip prices and the global economic crisis. Transitionally Seifert slipped at AMD in the role of the CEO, but did not want to take over this post permanently.

Under Seifert's leadership, the long-troubled AMD had returned to the black. The processor and graphics chip manufacturer makes the much larger rival Intel hard to create. In addition, there are currently the sluggish PC sales. From his factories - among others in Dresden - AMD has long separated. They now belong to the contract manufacturer Globalfoundries.

In August of last year, Rory Read had started a new CEO at AMD. He came from PC manufacturer Lenovo. Read expressly thanked Seifert for his achievements. A definitive successor to the German has not yet been found. Seifert will remain in the company until September 28, instructing AMD controller Devinder Kumar as transitional chief financial officer. (Dpa / tc)