Advanced Micro Devices (AMD) said that Thomas Seifert, the semiconductor-design company’s chief financial officer (CFO), intends to resign effective 28 September to pursue other interests. Seifert had been CFO of the company since 2009 and was interim chief executive officer (CEO) for nine months in 2011 after the resignation of Dirk Mayer early that year.
In a news release AMD said that Seifert’s departure from the company “is not based on any disagreement over the company’s accounting principles or practices or financial statement disclosures.” The company has recently missed expectations for financial performance due to slowing sales of PCs.
AMD added that Devinder Kumar, who has worked recently as senior vice president (SVP) and corporate controller, will become interim CFO while the company seeks a permanent replacement for Seifert. Kumar worked for several years as an executive with AMD in Asia before assuming several corporate leadership roles in accounting and finance in 1998. He was promoted to corporate controller in 2001.
Kumar holds a Bachelor’s degree in Ecology from the University of Malaya and earned an MBA in Finance from the University of California in Los Angeles.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
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