Advanced Micro Devices says Rory Read departs; COO Lisa Su promoted as replacement

Shares of Advanced Micro Devices slid Wednesday after the chipmaker said that its CEO was leaving the company and promoted the chief operating officer to replace him.

Lisa Su's new role as CEO, president and board member is effective immediately. The 44-year-old has been with AMD since January 2012.

The company said that the departing CEO, Rory Read, will continue to advise it through the end of the year. It said the moves are part of a transition plan.

Read, 52, became the company's president and CEO in August 2011.

Advanced Micro Devices Inc. is based in Sunnyvale, California. The company reported an annual loss of $1.18 billion in 2012, lost $83 million in 2013, and has lost a combined $56 million over the first two quarters of 2014. The company said Wednesday that it has made progress in its finances and operations, including diversifying its business.

AMD is scheduled to report its third-quarter results on Oct. 16. Analysts polled by FactSet expect an adjusted profit of 4 cents per share for the period.

The company's shares fell 22 cents, or 6.7 percent, to $3.06 in aftermarket trading. The stock has fallen 15 percent in 2014.