Advanced Micro Devices today announced that Dr. Hector Ruiz will be stepping down as the company's CEO, but will be continuing in his role as chairman. He was also named chair of the board of directors.
The company, which today reported its seventh straight quarter of negative earnings, said that Dirk Meyer, the current COO, will move into the top spot.
Dr. Ruiz, who, as CEO, was one of the highest profile "C-level" Hispanics in the tech industry, joined the company as president and chief operating officer in 2000 and ascended to the CEO spot in 2002. Prior to AMD, he worked at Motorola for 22 years.
Originally hailing from Piedras Negras, Mexico, Dr. Ruiz attended the University of Texas, Austin, where he earned bachelor's and master's degrees in electrical engineering. He earned his electrical engineering doctorate from Rice University.
Dr. Ruiz's run as AMD's CEO saw many accomplishments, including expansion into the commercial and enterprise markets; the introduction of several ground-breaking processors; an increased global presence, and record annual sales, which reached $6 billion. He also oversaw the company's current challenge of being in record debt, mostly owing to AMD's acquisition of ATI Technologies in 2006. The acquisition was largely debt-funded and has hampered the company's financial flexibility.
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