AMD names Rory Reed CEO

AMD has appointed Rory Reed as its new Chief Executive Officer, filling the position that has remained vacant for the past seven months.

The search by AMD for a new CEO has been slowed as leading technology industry executives rejected the position, citing the companies poor performance over the last year which saw stock value decrease by 22 percent since the start of the 2011 financial year.

Reed previously served as the Chief Operating Officer of the Lenovo Group. According to Lenovo’s website, Reed has spent 23 years at IBM and has a, “proven track record for leading substantial business turnarounds and driving gains in share and profitability.”

The position of CEO was left vacant after former CEO Dirk Meyer’s disagreement with the board of the company’s failure to regain market share, particularly in the server and mobile computing spaces.

The company saw share prices increase by nearly five percent after the announcement.

Read the full story over at: Bloomberg.

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AMD names Rory Reed CEO