AMD President Victor Peng Announces Retirement, Marking End of Era in Semiconductor Industry

AMD President Victor Peng to Retire

AMD today announced that AMD President Victor Peng is retiring effective August 30, 2024. He will continue to serve on the AMD executive team in an advisory role and support the transition until his retirement date. "Victor re-joined AMD in 2022 following the acquisition of Xilinx and played an important role successfully integrating and scaling our embedded business and leading our cross-company AI strategy," said AMD Chair and CEO Dr. Lisa Su. "Under his leadership, AMD became the industry's #1 provider of FPGA and adaptive computing solutions. On behalf of the AMD Board, executive leadership team and the thousands of employees who have worked with him, I want to thank Victor for his outstanding leadership and wish him the best in his retirement." Peng retires with over 40 years of experience defining and delivering leadership technologies across FPGAs, SoCs, GPUs and high-performance CPUs. He has served as president at AMD since February 2022 when he rejoined the company after the acquisition of Xilinx, where he spent 14 years, most recently serving as president, CEO and member of the board of directors. As part of the transition, Senior Vice President of the Artificial Intelligence Group (AIG) Vamsi Boppana will expand his current responsibilities to include the AMD Instinct data center AI accelerator business. Boppana joined Xilinx in 2008 and has served in a variety of technical and business leadership positions. He is currently responsible for cross-company AI software and ecosystem development and AI hardware roadmaps. Senior Vice President and General Manager, Adaptive and Embedded Computing Group Salil Raje will continue in his role leading the AMD embedded business. Boppana and Raje will now report to AMD Chair and CEO Dr. Lisa Su.

AMD President Victor Peng to Retire

SANTA CLARA, Calif., July 22, 2024 (GLOBE NEWSWIRE) -- AMD (NASDAQ: AMD) today announced that AMD President Victor Peng is retiring effective August 30, 2024. He will continue to serve on the AMD executive team in an advisory role and support the transition until his retirement date. "Victor re-joined AMD in 2022 following the acquisition of Xilinx and played an important role successfully integrating and scaling our embedded business and leading our cross-company AI strategy," said AMD Chair and CEO Dr. Lisa Su. "Under his leadership, AMD became the industry's #1 provider of FPGA and adaptive computing solutions. On behalf of the AMD Board, executive leadership team and the thousands of employees who have worked with him, I want to thank Victor for his outstanding leadership and wish him the best in his retirement." Peng retires with over 40 years of experience defining and delivering leadership technologies across FPGAs, SoCs, GPUs and high-performance CPUs. He has served as president at AMD since February 2022 when he rejoined the company after the acquisition of Xilinx, where he spent 14 years, most recently serving as president, CEO and member of the board of directors. As part of the transition, Senior Vice President of the Artificial Intelligence Group (AIG) Vamsi Boppana will expand his current responsibilities to include the AMD Instinct™ data center AI accelerator business. Boppana joined Xilinx in 2008 and has served in a variety of technical and business leadership positions. He is currently responsible for cross-company AI software and ecosystem development and AI hardware roadmaps. Senior Vice President and General Manager, Adaptive and Embedded Computing Group Salil Raje will continue in his role leading the AMD embedded business. Boppana and Raje will now report to AMD Chair and CEO Dr. Lisa Su. Supporting Resources About AMD For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn and X pages.

AMD President Victor Peng to Retire - Advanced Micro Devices (NASDAQ:AMD)

SANTA CLARA, Calif., July 22, 2024 (GLOBE NEWSWIRE) -- AMD AMD today announced that AMD President Victor Peng is retiring effective August 30, 2024. He will continue to serve on the AMD executive team in an advisory role and support the transition until his retirement date. "Victor re-joined AMD in 2022 following the acquisition of Xilinx and played an important role successfully integrating and scaling our embedded business and leading our cross-company AI strategy," said AMD Chair and CEO Dr. Lisa Su. "Under his leadership, AMD became the industry's #1 provider of FPGA and adaptive computing solutions. On behalf of the AMD Board, executive leadership team and the thousands of employees who have worked with him, I want to thank Victor for his outstanding leadership and wish him the best in his retirement." Peng retires with over 40 years of experience defining and delivering leadership technologies across FPGAs, SoCs, GPUs and high-performance CPUs. He has served as president at AMD since February 2022 when he rejoined the company after the acquisition of Xilinx, where he spent 14 years, most recently serving as president, CEO and member of the board of directors. As part of the transition, Senior Vice President of the Artificial Intelligence Group (AIG) Vamsi Boppana will expand his current responsibilities to include the AMD Instinct™ data center AI accelerator business. Boppana joined Xilinx in 2008 and has served in a variety of technical and business leadership positions. He is currently responsible for cross-company AI software and ecosystem development and AI hardware roadmaps. Senior Vice President and General Manager, Adaptive and Embedded Computing Group Salil Raje will continue in his role leading the AMD embedded business. Boppana and Raje will now report to AMD Chair and CEO Dr. Lisa Su. Supporting Resources Learn more about AMD's executive leadership teamFollow AMD on LinkedInFollow AMD on X About AMD For more than 50 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD AMD website, blog, LinkedIn and X pages. AMD, the AMD Arrow logo, and combinations thereof, are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners. Brandi Martina AMD Communications +1 512-705-1720 [email protected] Suresh Bhaskaran AMD Investor Relations +1 408-749-2845 [email protected] Market News and Data brought to you by Benzinga APIs

AMD President Victor Peng to retire in August By Investing.com

SANTA CLARA, Calif. - Advanced Micro Devices, Inc. (NASDAQ:AMD) announced today that its President, Victor Peng, is set to retire on August 30, 2024. Peng, who has been at the helm since February 2022, will remain in an advisory role to aid the transition until his departure. During his tenure, Peng was instrumental in the integration and expansion of AMD's embedded business and spearheaded the company's cross-company artificial intelligence (AI) strategy. Dr. Lisa Su, AMD Chair and CEO, acknowledged Peng's significant contributions to the firm, particularly highlighting his role in establishing AMD as a leading provider of FPGA and adaptive computing solutions. Peng's career spans over four decades, with a focus on FPGAs, SoCs, GPUs, and high-performance CPUs. His leadership at AMD followed a notable stint at Xilinx (NASDAQ:XLNX), which AMD acquired before his appointment as president. With Peng's upcoming retirement, Vamsi Boppana, Senior Vice President of the Artificial Intelligence Group, will take on additional responsibilities overseeing the AMD Instinct data center AI accelerator business. Boppana, a Xilinx veteran since 2008, has been involved in various leadership roles, managing AI software and ecosystem development, as well as AI hardware roadmaps. Salil Raje, Senior Vice President and General Manager of the Adaptive and Embedded Computing Group, will maintain his current role leading AMD's embedded business. Both Boppana and Raje will report directly to Dr. Su following the organizational changes. AMD, a pioneer in high-performance computing, graphics, and visualization technologies for over 50 years, continues to focus on creating high-performance and adaptive products. The company's technologies are widely used by Fortune 500 businesses, research institutions, and consumers worldwide. The announcement of Peng's retirement is based on a press release statement from AMD. The company has not yet named a successor for the role of president. Peng's leadership and experience have been integral to AMD's growth, and his advisory presence is expected to support a smooth transition of responsibilities. In other recent news, Advanced Micro Devices (AMD) has made several notable developments. The company recently announced the acquisition of Silo AI, an all-cash deal valued at approximately $665 million. Stifel maintained a Buy rating on AMD shares following this acquisition, emphasizing the importance of a comprehensive AI stack in the competitive landscape. On a different note, KeyBanc adjusted the price target for AMD shares to $220 from $230, maintaining an Overweight rating. The change reflects a mixed outlook based on recent market assessments, with sustained demand for AMD's 500K MI300X GPUs and anticipated growth in traditional server demand, but challenges in the Embedded products sector. AMD also announced significant changes to its executive compensation, with pay raises and long-term incentive awards for several top executives. The Board of Directors approved salary increases for Chair, President, and CEO Lisa T. Su, Executive Vice President Jean Hu, Chief Commercial Officer Philip Guido, and General Manager of Data Center Solutions Forrest Norrod. In the investment sphere, Cathie Wood's ARK ETF showed confidence in AMD with strategic portfolio adjustments, purchasing a significant number of shares. Meanwhile, Stifel reaffirmed a Buy rating on AMD shares, expressing confidence in AMD's potential to capitalize on several medium-term growth drivers. These recent developments provide a snapshot of AMD's current business activities and market position. As Advanced Micro Devices, Inc. (AMD) prepares for the retirement of its President, Victor Peng, and the transition of responsibilities to Vamsi Boppana and Salil Raje, investors and industry watchers are closely monitoring the company's financial health and stock performance. According to InvestingPro data, AMD currently has a market capitalization of $251.51 billion, reflecting its significant presence in the semiconductor industry. Despite recent volatility, with the stock taking a notable hit over the last week, resulting in a -15.71% one-week price total return, AMD remains a prominent player in the Semiconductors & Semiconductor Equipment industry. InvestingPro Tips highlight that AMD is expected to see net income growth this year, a positive sign for investors looking for long-term value. Additionally, while the company's stock price has been quite volatile, it's important to note that AMD's liquid assets exceed its short-term obligations, indicating a stable financial position to weather short-term market fluctuations. For more in-depth analysis and additional tips, including the company's high earnings multiple and its P/E ratio relative to near-term earnings growth, investors can explore further on https://www.investing.com/pro/AMD. There are a total of 15 additional InvestingPro Tips available on the platform. To gain more insights and unlock exclusive tips, interested readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro. This offer could provide valuable guidance as AMD navigates through its leadership changes and continues to innovate in the AI and high-performance computing sectors.

AMD President, AI Strategy Leader Victor Peng To Retire

Victor Peng's retirement was announced as AMD seeks to challenge Nvidia's dominance in AI chips for data centers with an expanded road map of Instinct processors. AMD announced on Monday that President Victor Peng, who has been leading the chip designer's company-wide AI strategy, will retire next month. Peng (pictured) joined AMD in 2022 when the Santa Clara, Calif.-based company acquired Xilinx, the programmable chip designer he led as president and CEO for four years. Prior to working at Xilinx for 14 years, he served as a silicon engineering executive at AMD, which he joined through the acquisition of his previous employer, GPU designer ATI Technologies. [Related: Forrest Norrod On How AMD Is Fighting Nvidia With 'Significant' AI Investments] The company said Peng will remain on AMD's executive team as an advisor and aid with the leadership transition until he retires on Aug. 30. As a result of Peng's retirement, AMD is moving responsibilities for its Instinct data center accelerator chip business under Vamsi Boppana, a Xilinx veteran who leads AI software and ecosystem development as well as AI hardware road maps as senior vice president of the company's Artificial Intelligence Group. AMD said Boppana and Salil Raje, the head of AMD's Adaptive and Embedded Computing Group that formerly operated as Xilinx, will now report to the company's CEO, Lisa Su. In a statement, Su, who is also AMD's chair, said "Peng played an important role successfully integrating and scaling our embedded business and leading our cross-company AI strategy." "Under his leadership, AMD became the industry's [No. 1] provider of FPGA and adaptive computing solutions," she said in a statement. "On behalf of the AMD board, executive leadership team and the thousands of employees who have worked with him, I want to thank Victor for his outstanding leadership and wish him the best in his retirement." Peng's retirement was announced as AMD seeks to challenge Nvidia's dominance in AI chips for data centers with an expanded road map of Instinct processors that include the recently launched MI300 and the MI325, which launches later this year.