Advanced Micro Devices has named its interim chief financial officer Devinder Kumar to the permanent job at the big maker of processor chips for computers.
Chief financial officers are a good thing to have, particularly if your stock price has been volatile and the future of the company is up in the air. That’s the case for AMD, which has struggled to stay profitable in the shadow of the world’s biggest chip maker, Intel.
Kumar (pictured), 57, will report to AMD chief executive Rory Read. Kumar has been interim CFO since September and he has worked as corporate controller at AMD since 2001. He was named a senior vice president in 2006.
“Devinder has been with AMD for more than 28 years and is a talented finance veteran with deep industry knowledge,” said Read in a statement. “As we accelerate our strategic growth initiatives, Devinder will play an integral role driving the new business model in the near term and strengthening AMD’s long-term financial foundation.”
Kumar gets a one-time cash bonus of $125,000, according to a document filed with the Securities and Exchange Commission. He also received various stock option grants. In its most recent quarter ended Sept. 30, AMD reported a loss of $157 million, or 21 cents a share, on revenue of $1.27 billion.
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