Advanced Micro Devices Chairman and CEO Hector Ruiz's role at the company has not changed, AMD said, contrary to rumors that Ruiz plans to step down as CEO.
An internal memo outlining changes in the company's operating structure went out to AMD employees this week, according to sources. The memo clarified the roles of some groups under Dirk Meyer, who was promoted to president and chief operating officer of AMD in April of last year after the company spun off its Spansion flash memory division.
Some interpreted the memo as a harbinger of Ruiz's departure, and rumors that ranged from Ruiz leaving the company to Ruiz and Meyer sharing power in a co-CEO arrangement rolled around Wall Street and Silicon Valley late in the week. AMD's stock closed down almost 3 percent Friday.
Ruiz gave up the title of president to Meyer in January but has no plans to step down as CEO, an AMD representative said. The representative confirmed that a memo regarding internal responsibilities was distributed to employees this week, but declined to comment on its contents.
Sources said the memo outlined some changes in how various groups report to the president position, since Meyer now occupies that role. However, the roles of both Ruiz and Meyer have not changed, according to sources who declined to be identified because they were discussing an internal document.