Advanced Micro Devices, Inc. (NYSE:AMD) announced the appointment of chip veteran, Dr. Lisa Su as president and chief executive officer effective immediately.

AMD Names Chip Veteran Lisa Su as President and CEO

Dr. Su will replace Rory Read, who stepped down from his position as president and CEO and board member of Advanced Micro Devices, Inc. (NYSE:AMD).

“I am deeply honored to have this opportunity to lead AMD during this important time of transformation…I look forward to expanding on the strong foundation we have built under Rory’s leadership as we develop industry-leading technologies and products for a diverse set of markets to drive sustainable and profitable growth,” said Dr. Su in a statement.

She previously served as chief operating officer of the company. She was responsible for integrating AMD’s business units, infrastructure enablement teams, global operations and sales into a single market organization.

Prior to her position as COO, Dr. Su served as vice president and general manager of global business units of Advanced Micro Devices, Inc. (NYSE:AMD). She supervised the company’s business plans, product definition and strategy.

Before joining Advanced Micro Devices, Inc. (NYSE:AMD), Dr. Su worked at Freescale Semiconductor Ltd (NYSE:FSL) as senior vice president and general manager. Prior to her career at IBM, she was a member of the technical staff at Texas Instruments Incorporated (NASDAQ:TXN).

Read will support AMD’s transition in an advisory role

According to Advanced Micro Devices, Inc. (NYSE:AMD) Read agreed to assume an advisory role to support its transition plan until the end of this year.

AMD Bruce Claflin said the board of directors and Read worked together in planning the leadership succession. He said, “We felt Lisa’s expertise and proven leadership in the global semiconductor industry make this an ideal time for her to lead the company.”

He also expressed appreciation to Read’s accomplishments and contributions in establishing a strong foundation and clear path for Advanced Micro Devices, Inc. (NYSE:AMD) to re-establish itself towards growth and profitability over the long-term.

AMD made significant improvement under Read’s leadership

Over the past three years, the company made significant improvement in its financial and operational performance. Read managed to diversify AMD’s business and return to non-GAAP profitability.

The company also reduced its operating costs by approximately 30% and maintained cash at near optimal level of $1 billion since 2012. The company’s balance sheet improved by re-profiling its debt, and it has no significant debt due until 2019.

Read said, “I am grateful to have had the opportunity to lead such a talented team and proud of what we have accomplished during such an important chapter in the company’s history. Together, we have established the right strategy to enable AMD to continue to grow and transform. I am confident that Lisa is the right leader to drive AMD forward.”