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AMD has named Lenovo COO Rory Read as its new CEO, effective
immediately. Read will also serve on AMD’s board of directors.

Read, 49, has spent the last 5 years at Lenovo after a long
career at IBM.

"Rory is a proven leader with an impressive record of
driving profitable growth," said Bruce Claflin, chairman of AMD’s board,
in a statement. "He is ideally suited to accelerate AMD’s evolution into
the world’s leading semiconductor design company. As President and COO of
Lenovo he helped take the company into dynamic new markets while growing market
share and expanding profitability. His sound strategic thinking and natural
customer orientation will help amplify the voice of the customer inside
AMD."

In its statement announcing the appointment, AMD noted that
while managing Lenovo’s Americas group, Read drove double-digit revenue growth
and market share gains, reversing operating losses and delivering consistent
profitability. He was promoted to president and COO in 2009, helping to
transform Lenovo into the world’s fastest growing major PC manufacturer and
achieving its largest worldwide market share ever. Prior to Lenovo, Read spent
23 years at IBM, where he held a broad range of management positions.

"I’m very pleased to be joining AMD at this important
time in its history. AMD is a true innovator and is uniquely positioned to lead
the industry forward, delivering the next big thing both within the PC
ecosystem and beyond," said Read, in a statement. "AMD has strong
momentum and the opportunity to continue profitably gaining share based on its
highly differentiated products, solid financial foundation, and passionate and
committed employees. I’m excited to be joining AMD’s employees as we write the
next chapter not just for the company, but for the industry and consumers
around the world."

Thomas Seifert, who served as interim Chief Executive
Officer since January, will return to his role as senior vice president and
CFO.