AMD today announced that Devinder Kumar has been appointed as CFO of the company, effective January 2nd 2013. After the sudden departure of Thomas Seifert as AMD’s CFO, Devinder took over the role of interim CFO of the company in September 2012, after being a corporate controller for eleven years at AMD. According to AMD’s press release, the company underwent a thorough search for internal and external candidates but ultimately settled with the previous interim CFO.
"Devinder has been with AMD for more than 28 years and is a talented finance veteran with deep industry knowledge," said Rory Read, CEO of AMD. "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."
In the last earnings call, the announcement of the 2013 Wafer Supply Agreement (WSA) as well as some conferences aimed at the financial community, Devinder already showed he can cope well with his new responsibilities. He now has to execute the new operating model that was laid out during the third quarter earnings call.
While the financial side of a semiconductor company might not seem as important as the product and research divisions, sound financial management can help to achieve success otherwise impossible. When we discussed the layoffs and restructuring at AMD, we noted that the former CFO allegedly was to blame for some bad management decisions.
We wish Mr. Kumar lots of success in his new role at AMD.