Chipmaker AMD has announced that Dirk Meyer has resigned as chief executive and director of the company.
The board has appointed senior vice-president and chief financial officer Thomas Seifert as interim CEO.
AMD has set up a CEO search committee led by Bruce Clafin, chairman of AMD's board, and confirmed that Seifert will maintain his current responsibilities as CFO and has asked not to be considered for the CEO position.
Clafin said Meyer became CEO during difficult times and had successfully stabilised AMD while simultaneously concluding strategic initiatives, including the launch of Global Foundries and settling litigation with Intel.
However, he said the board believes there is an opportunity to create increased shareholder value through growth.
"We believe a change in leadership at this time will accelerate the company's ability to accomplish these objectives," he said.
Intel's recent record revenue and AMD's disappointing financial performance contributed to the company board's decision to seek new leadership, according to US reports.
Preliminary results for the fourth quarter of 2010 showed revenue increased 2% from the previous quarter to $1.65bn and gross margin was 45%. The company is scheduled to release final results on 20 January.