Advanced Micro Devices launched its search for a new chief executive officer following the resignation of Dirk Meyer. Appointed Senior Vice President and CFO, Thomas Seifert, will serve as interim CEO, as well as keep up his responsibilities as CFO.

"Dirk became CEO during difficult times.  He successfully stabilized AMD while simultaneously concluding strategic initiatives including the launch of GLOBALFOUNDRIES, the successful settlement of our litigation with Intel and delivering Fusion APUs to the market," said Bruce Claflin, Chairman of AMD's Board of Directors, in a press release.

"However, the Board believes we have the opportunity to create increased shareholder value over time.  This will require the company to have significant growth, establish market leadership and generate superior financial returns.  We believe a change in leadership at this time will accelerate the company's ability to accomplish these objectives."

With word of Meyer’s departure spreading fast, AMD seized the opportunity to release preliminary results for its fourth quarter 2010. Fourth quarter revenue increased 2 percent sequentially to approximately $1.65 billion and gross margin was approximately 45 percent. 

Analysts speculate that Meyer’s resignation could stem from AMD’s struggle to keep pace with rival Intel. Earlier this month, TechZone360.com reported that Intel released its next line of chips, just in time for this year’s Consumers Electronics Show. Called “Sandy Bridge,” the chips combine a graphics processor and one or more CPU microprocessor(s) on one silicon die, according to the Inquirer.

The chips, according to the Inquirer, will offer the most advantage for the next generation of laptop computers with better graphics than previous models. Competition to the Sandy Bridge line is expected to come primarily from AMD, which plans to release its new Fusion chips at the CES show. Fusion is also a combined graphics and CPU chip technology.