Chief executive resigns from AMD

Advanced Micro Devices, the microchip maker, declared last night that it wanted a chief executive able to produce "significant growth, establish market leadership and generate superior financial returns" – and announced the resignation of the current boss, Dirk Meyer.

The move, which sent AMD shares down 4 per cent in after-hours trading in the US, came as a surprise to analysts, who had hailed Mr Meyer's success in returning AMD to financial stability after it lost its way in the long battle to challenge Intel for dominance of the chip market.

Mr Meyer had been with AMD since 1995 and chief executive since 2008. Thomas Siefert, chief financial officer, will fill Mr Meyer's shoes until a replacement is found.