AMD names former Lenovo executive Read

Advanced Micro Devices (AMD) on Thursday announced that its board has appointed Rory P. Read as the chip maker's president and chief executive officer (CEO). Read, 49, joins AMD from Lenovo Group, where he worked five years and most recently served as president and chief operating officer (COO) of the Chinese personal computer (PC) maker. Prior to Lenovo, Read spent 23 years at IBM, where he held a broad range of management positions. Lenovo bought IBM's PC division in 2005. "Rory is a proven leader with an impressive record of driving profitable growth," Bruce Claflin, chairman of AMD's Board of Directors, said in a statement. "He is ideally suited to accelerate AMD's evolution into the world's leading semiconductor design company," Claflin added. In a press release, AMD noted that while acting as president and COO, Read helped to transform Lenovo into the world's fastest growing major PC manufacturer and achieving its largest worldwide market share ever. The appointment of Reed ends AMD's search for a new chief executive for more than seven months, after the company's former CEO Dirk Meyer was forced out in January 2011, as its board was frustrated with AMD's lack of progress in gaining market share and entering the tablet industry. "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," Read on Thursday said in a statement. AMD also announced that Thomas Seifert, who served as the company's interim CEO since January, will return to his role as chief financial officer.