Advanced Micro Devices CEO Resigns

SUNNYVALE, California (AP) — The chief executive of chip-maker Advanced Micro Devices Inc. has resigned.

AMD describes the resignation of CEO Dirk Meyer, 49, as "mutual" and effective immediately. Thomas Seifert, 47, the company's senior vice president and chief financial officer, will succeed him on an interim basis while the company conducts a search for a permanent replacement.

In a statement, the Sunnyvale, Calif., company praised Meyer for leading the company through an ongoing legal battle with rival Intel Corp. But AMD says the board believes it has an opportunity to create increased shareholder value. The company says the chip-maker will need significant growth and a change in leadership to accomplish that.