AMD: Finding a CEO a top priority, the timeline isn't
Chipmaker's second-quarter results get overshadowed by the issue of the company's search for a chief executive.
AMD's second-quarter earnings report was overshadowed by one massive question: when will the chipmaker find a chief executive.
The company is now nearly pushing eight months without a CEO. In January, AMD CEO Dirk Meyer resigned. CFO Thomas Seifert has been acting CEO this year. While current management has hit its targets and delivered new products, the company needs a leader at some point.
According to AMD General Counsel Harry Wolin the "search for a new CEO remains a top priority." However, AMD isn't going to be roped into any deadline. "The board is pleased with the quality of the candidates interviewed and is confident in its robust and active process," said Wolin on AMD's earnings conference call. "Meeting a timeline is not the driving force in the search. Finding the right candidate is."
AMD today reported earnings of $61 million, or 8 cents a share, on revenue of $1.574 billion, down 5 percent from a year ago. Non-GAAP earnings were 9 cents a share. Wall Street was looking for earnings of 8 cents a share on revenue of $1.576 billion.
Seifert touted the company's Fusion Accelerated Processor Unit (APU) and AMD's efforts in the tablet market with Acer and MSI. The company said it expects third-quarter revenue to be up about 10 percent from the second quarter. That outlook is in line with expectations.
This story originally appeared on ZDNet's Between the Lines.