AMD CFO Thomas Seifert Steps Down
Thomas Seifert, the SVP and CFO of Advanced Micro Devices, has stepped down from the company. Seifert worked at the company for about three years. Seifert became interim CEO in early 2011 until Rory Read filled in for him. Seifert left to “pursue other opportunities,” but AMD’s current SVP and corporate controller will replace Seifert on an interim basis. Check out the press release below:
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.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry