AMD named Lisa Su, its chief operating officer, as its new CEO, effective immediately, replacing Rory Read as the struggling maker of PC chips continues its attempt at a turnaround.
Read, 52 years old, stepped down as president and chief executive, and as a board member. He will support the transition as an adviser, remaining with the company through the end of this year. Prior to joining AMD in 2011, Read was computer-maker Lenovo's chief operating officer, and before then spent 23 years at IBM.
The company said it's currently negotiating a transition and separation agreement with Read.
Su, 44 years old, joined AMD in 2012, and most recently has been responsible for integrating AMD's business units, sales, global operations and infrastructure enablement teams. Before coming to the chipmaker, she worked at chipmaker Freescale and at IBM.
"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," Bruce Claflin, AMD's chairman, said in a statement.
The company has attempted to turn its business around as it tries to become a tougher rival to Intel, though it has struggled along the way. For its second quarter, AMD reported stronger revenue, of $1.44 billion, and narrowed its loss to $36 million from $74 million a year earlier.
AMD is scheduled to report third-quarter results next Thursday.