Rory Read, who bolted Lenovo to become CEO at chip maker AMD three years ago, is out.
Read, a former IBMer, transitioned to Lenovo when Big Blue sold its PC division in 2005. He rose to the role as president and chief operating officer before leaving.
At AMD, Read has been replaced by Lisa Su effective immediately, the company announced Wednesday.
Su joined AMD in 2012 as its chief operating officer.
Read, 52, also lost his board seat. He will remain an adviser to the company through the end of the year, AMD said.
AMD described the moves as “part of a transition plan.”
“Leadership succession planning has been a joint effort between Rory and the board and we felt that Lisa’s expertise and proven leadership in the global semiconductor industry make this an ideal time for her to lead the company,” said Bruce Claflin, chairman of AMD’s board of directors, in a statement. “The board looks forward to continuing to work with Lisa and the rest of the senior management team to build on the company’s momentum. I would also like to thank Rory for his many accomplishments and contributions positioning AMD for long-term success by helping to create a strong foundation and clear path to re-establish the company’s growth and profitability.”
AMD noted that the company “made significant progress in financial and operational performance” under Read’s leadership.
“I am grateful to have had the opportunity to lead such a talented team and proud of what we have accomplished during such an important chapter in the company’s history,” Read said in a statement. “Together, we have established the right strategy to enable AMD to continue to grow and transform. I am confident that Lisa is the right leader to drive AMD forward.”
