Advanced Micro Devices' Senior VP and Chief Financial Officer, Thomas Seifert, has decided to leave AMD three short years after joining the company. As you may recall, Seifert briefly took the reigns of AMD as interim CEO in early 2011, until the firm found a permanent replacement in Rory Read later that year. No word on why Seifert has decided to depart the chip maker -- other than "to pursue other opportunities" -- but we do know that Devinder Kumar, AMD's current Senior VP and corporate controller will replace him on an interim basis. The full announcement awaits in the PR after the break.
AMD Announces Chief Financial Officer Transition
SUNNYVALE, Calif. - Sept. 17, 2012 - AMD (NYSE: AMD) today announced that Thomas Seifert has informed the company of his decision to resign as senior vice president and chief financial officer to pursue other opportunities. Devinder Kumar, senior vice president and corporate controller, will serve as interim chief financial officer while a search commences for Mr. Seifert's replacement. Kumar has served as the Company's corporate controller since 2001. Seifert's departure is not based on any disagreement over the Company's accounting principles or practices, or financial statement disclosures.
"We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011," said Rory Read, AMD president and CEO. "Thomas' personal commitment to the highest standards of accountability and financial integrity has helped define how AMD does business today. Devinder is an experienced financial executive whose financial expertise and semiconductor experience developed during his 28 year tenure at AMD is an asset to the company."
Mr. Seifert will remain with the company until September 28, 2012 to assist with the transition to the interim CFO.
Devinder Kumar is corporate controller and interim CFO of AMD. Kumar is also responsible for corporate financial accounting, Sarbanes-Oxley 404 (SOX) compliance and global accounting and financial services (GAFS).
Kumar joined AMD in 1984 as a financial analyst. He spent 10 years in Asia as a financial controller for AMD Penang and group finance director for AMD's Manufacturing Services Group across Singapore, Thailand, China and Malaysia. Starting in 1998, Kumar assumed several corporate roles including leadership positions in Corporate Accounting and Corporate Finance. He was appointed corporate controller in 2001. He also served as AMD's assistant treasurer and treasurer between 2007 and 2010.
Kumar has a bachelor's degree in ecology from the University of Malaya, Malaysia, a master's degree in biology from the University of California, Santa Barbara and an MBA in finance from the University of California, Los Angeles.