Advanced Micro Devices Inc, a chipmaker posting losses amid competition with Intel Corp, said technology chief Phil Hester is leaving, the third senior executive to depart in less than a year.
Hester, 52, resigned to pursue other opportunities, said Rob Keosheyan, a spokesman for the Sunnyvale, California-based company. His last day is Friday.
Advanced Micro’s pace of chip development fell behind Intel’s last year, contributing to five consecutive quarterly losses and a 63 percent slide in the stock in 2007. Hester’s exit follows the departure of sales chief Henri Richard in September. Dave Orton, head of the graphic unit, left in July.
“Any time you have a cook leaving the restaurant, you get chaos,” said David Wu, an analyst at Global Crown Capital in San Francisco. He rates the stock “overweight” and doesn’t own any. “The top chef has gone, that’s not good.”
This week, Advanced Micro said first-quarter revenue will miss analysts’ estimates by more than US$100 million. The company will cut about 1,650 jobs, or 10 percent of its workforce. Hester’s departure isn’t related to the job cuts, Keosheyan said.
Advanced Micro fell US$0.26 to US$6.01 at 4pm in New York Stock Exchange composite trading. The shares have declined 20 percent this year, compared with a 12 percent slide for the Philadelphia Semiconductor Index.
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