AMD CEO steps down as chip maker struggles

Hector Ruiz had been just the second person to lead AMD after company founder Jerry Sanders. He'll be replaced by the chip maker's No. 2 executive, Dirk Meyer.

Ruiz has been instrumental in elevating AMD to become a more dangerous rival to Intel Corp. But ultimately he takes the blame for AMD's financial distress. The Silicon Valley company has racked up billions of dollars in losses stemming from an ill-timed acquisition and fierce competition from Intel.

Ruiz will remain on AMD's board of directors, where he had been chairman. His new title will be executive chairman.