Ruiz steps down as AMD’s CEO

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Hector Ruiz has stepped down from his position as Chief Executive Officer of AMD, the rival of Intel, in favour of President and COO Dirk Meyer after being elected by the board of directors.

While he was instrumental in elevating AMD to become a rival to Intel’s stranglehold on the chip manufacturing market, he also admitted that he was the reason why the company was in financial distress after racking up billions of dollars in losses after an ill-timed acquisition of ATI.

Ruiz, however, will remain on the Board of Directors, serving as executive chairman. Previously, he had been chairman of the board.

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