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In just more than six years with Ruiz as the leader of AMD, the chip company has lost a staggering $6.3 billion according to generally accepted accounting principles. He announced plans to step down Thursday as part of what the company is calling a planned succession to new CEO Dirk Meyer, even though Ruiz was under the impression as recently as December 2007 that he would be around this entire year.
Ruiz will remain at AMD as chairman, but he's leaving a day-to-day role at the company at a time when it is trying to get back to basics, to focus on execution and discipline rather than trying to take down giants.
Let's see if Dirk Meyer can get this company where it should be. And that's not to say that Hector Ruiz did a horrible job, because I think some things DID improve while he was CEO, but I think he might have been able to do a little better. We'll see...
AMD needs to get it's stock holders back from Intel.
AMD lost $1.19bn (£596m) between April and June, even though sales were up on the same period a year ago.
AMD's results came days after Intel posted a 25% gain in net profit.