AMD Plants Spin Out
Claflin replaces Hector Ruiz, who retired to chair the spun-off Foundry Company
Mar. 2, 2009 11:00 PM
AMD, which closed its long-sought manufacturing spin-out deal on Monday, has tapped Bruce Claflin to be chairman of its board.
Claflin replaces Hector Ruiz, who retired to chair the spun-off Foundry Company.
Claflin's been a member of AMD's board since August, 2003, a legacy from 3Com, where he was CEO, DEC, where he ran sales and marketing, and IBM, where he was president of the old IBM PC Company Americas.
AMD also put Waleed al Mokarrab, the COO of Mubadala Development Company, one of its Foundry investors, on the board.
AMD got $700 million from Abu Dhabi for its ownership interests in the Foundry Company, which assumed responsibility for the repayment of approximately $1.1 billion of associated AMD debt, while Mubadala paid AMD approximately $125 million for 58 million newly issued AMD shares and warrants for 35 million additional shares.