AMD Reports $1.2B Loss For Quarter; CEO Ruiz Out

The AMD Q2 earnings report today recorded a $1.2B loss for the second quarter, as the company replace CEO Ruiz with Dirk Meyer. The board voted out Ruiz, who has been CEO since moving to the company from Motorola in 2001. Dirk Meyer is taking over as CEO from his current position as both COO and President. Meyer has been with the company for 12 years, and presided over microprocessor design at the firm. Ruiz is out after a painful term at AMD, which has seen heavy losses in the past year.