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Struggling AMD Gets a New Chairman

Advanced Micro DevicesAdvanced Micro Devices
Advanced Micro DevicesPhoto: Ashley Pon/Bloomberg/Getty

Advanced Micro Devices has a new chairman.

The struggling chip-maker said on Thursday that board member John Caldwell has taken over as chairman from Bruce Claflin, who had held the position since 2009. Claflin will remain an AMD board member.

Caldwell was the CEO electronics manufacturing services company SMTC from 2003 to 2011. He became an AMD board member in 2006 and has served on the board of seven public technology companies, according to AMD.

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“I am honored to be named chairman of AMD’s Board,” Caldwell said in a statement. “It is an exciting time to be part of AMD as we execute on our transformative strategy—bringing innovative products to market and delivering increased value to our shareholders.”

AMD (AMD) has been in decline for years because of a drop in personal computer sales. The company has gone through numerous rounds of layoffs and management shuffles to cut costs and focus on building specialized chips for corporate data centers and video game console makers under CEO Lisa Su. Su became AMD’s president and CEO in October 2014.

In its latest quarter, AMD had $832 million in revenue, a 19% year-over-year drop from $1.03 billion in 2015. The company also posted a loss of $109 million during the same time period.

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However, analysts were projecting AMD to report much worse numbers, which caused the company’s shares to rise 38% to $3.62, their highest level since 2014. In after hours trading on Thursday, the company’s stock rose nearly 1% to $3.60.