Tuesday, September 18, 2012

Management Changes: Advanced Micro Devices (NYSE:AMD) & OCZ Technology (NASDAQ:OCZ)

With the disclosure of Thomas Seifert theChief Financial Officer leaving the company, Advanced Micro Devices, Inc.(NYSE:AMD) shares dropped by as much as 9 percent on Tuesday.

An unnamed source as saying quoted Reuters; Thomas Seifert is leaving to seek a position as CEO at another company.

He was acting CEO for several months last year after Dirk Meyer was fired and before Rory Read was hired. He had been CFO for about three years.

 The temporary CFO, until a replacement is hired for the Sunnyvale, California Company, will be Corporate Controller Devinder Kumar.

Will OCZ Rebound Today’s Fall? Find Out Here

Developers of semiconductors, Advanced Micro Devices Inc. employs around 2,500 workers in Austin.
With increased use of Smartphone and tablets the demand for PCs has softened resulting in the company's stock down by about a third this year.

 Before the news of Thomas Seifert's departure broke, the stock closed up 2.82 percent to close at $4.01 on the day.

Advanced Micro Devices Inc said he will remain on board until Sept. 28.

OCZ Technology Group Inc.(NASDAQ:OCZ), based in San Jose, California, designs, makes and distributes high-performance solid-state drives used in mobile devices.

Late Monday the co-founder, president and CEO Ryan Peterson has resigned, said OCZ Technology Group Inc.

Get More Updates & News On OCZ Here

No reasons were given by the company why Peterson, who helped found OCZ Technology Group Inc. in 2002, is leaving. Peterson said in a statement that he is happy to have brought the company from niche developer and maker of memory modules to its global leadership position in solid-state storage.

 Alex Mei was appointed by the flash memory maker as the executive vice president and chief marketing officer, as interim CEO. Mei, who has been with the company since 2004, will hold both of his roles until a permanent CEO has been found.

The company posted a fiscal first-quarter loss in July as it struggled with supply-chain and sales issues will report second-quarter results on Oct. 10.

Shares fell 22 cents, or 5 percent, to $4.24.

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