Advanced Micro Devices (NYSE: AMD) said on Tuesday that the former president and chief executive of ATI Technologies, has resigned as executive vice president of AMD, effective the end of July.
Last year, AMD acquired ATI Technologies for $5.5 billion. The move brought AMD into the graphics chip business, but the acquisition has gone poorly, according to analysts.
AMD wanted to use the company's chipset business to align with its processors, and fight Intel head to head, which has its own offerings.
It is with mixed feelings that I am leavening AMD, said Orton in a statement.I believe strongly in the strategies that brought AMD and ATI together and the talented employees of the 'new AMD' who are committed to winning in the market by delivering the best possible solutions for customers.
Adrian Hartog, a senior vice president and general manager of the consumer electronics group and Rick Bergman, senior vice president and general manager, graphics products group will now report into the Office of the CEO.
Shares of AMD fell 14 cents, or 0.96 percent to close at $14.43 on the New York Stock Exchange.