AMD Names New Chief Financial Officer

AMD said on Wednesday that after a "thorough internal and external" search, the company has finally decided to appoint Devinder Kumar as senior vice president and chief financial officer, effective Jan. 2, 2013. The 57-year-old finance veteran will report to Rory Read, AMD's current president and chief executive officer.

According to AMD, Kumar will be responsible for leading the company's global finance organization. He took the role as interim CFO back in September 2012, and previously served as AMD's corporate controller starting 2001 and then as senior vice president starting 2006.

Prior to joining AMD in 1984 as a financial analyst, Kumar spent 10 years in Asia as a financial controller for AMD Penang, and as the group finance director for AMD's Manufacturing Services Group across Singapore, Thailand, China and Malaysia. Then in 1998, he took on several leadership positions in Corporate Accounting and Corporate Finance. He also served as AMD's assistant treasurer and treasurer between 2007 and 2010.

Kumar's education includes a bachelor's degree from the University of Malaya, Malaysia, a master's degree from University of California, Santa Barbara and a master's degree in business administration from University of California, Los Angeles, AMD said.

"Devinder has been with AMD for more than 28 years and is a talented finance veteran with deep industry knowledge," said Read. "As we accelerate our strategic growth initiatives, Devinder will play an integral role driving the new business model in the near term and strengthening AMD's long-term financial foundation."

Back in September 2012, former senior vice president and chief financial officer Thomas Seifert informed AMD of his intent to resign, as he wished to pursue other opportunities. Seifert's departure had nothing to do with any disagreement over AMD's accounting principles or practices, or financial statement disclosures, the company said.

"We thank Thomas for his many contributions to AMD and for serving as interim CEO in 2011," Read said. "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."

Seifert had only been with the chipmaker for three years, and briefly served as interim CEO in 2011 after Dirk Meyer resigned from his position as CEO in January 2011. Seifert returned to his CFO duties in August 2011 until his departure 13 months later.

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