AMD (NYSE:AMD) must have read our earnings synopsis and must have finally read enough times over and over about canning Hector Ruiz. He’s finally out, albeit not 100% of the way as he should be.
The company just announced that the board of directors has FINALLY elected President and COO Dirk Meyer as the company’s new chief executive officer.
Meyer succeeds Hector Ruiz, who will become executive chairman of AMD and chair of the board of directors.
So it looks like Mr. Ruiz is getting to keep his finger in the pie, butthis is a start so long as he lets Dirk Meyer run the show on his ownterms and not under the Ruiz plan. Shares were down as much as 8% or so after we posted the earnings report, but now shares are down about 5%. If they’d pull that Chairman title out of Ruiz’ hands and yell "DO OVER!" they’d likely get that stock back up.
Jon C. Ogg
July 17, 2008
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