Read, a 28-year veteran of the technology industry, led Lenovo into the tablet and smartphone market and presided over a record period of growth for the company.

AMD announced today that Rory P. Read, formerly the president and chief operating officer of Lenovo, will be the company's new CEO, starting immediately. He will also serve on AMD's board of directors.

Read, 49, replaces Dirk Meyer, who . He will relocate to Austin, Texas, with his wife, Mary.

A 28-year veteran of the technology industry, Read helped Lenovo gain market share and grow revenue, becoming by his departure the fastest growing PC maker in the world for nearly two years straight as well as the world's third largest global PC manufacturer. Read also led Lenovo's entry into the tablet and smartphone markets, two areas that could be of significant interest to AMD.

Prior to his tenure at Lenovo, Read worked at IBM for 23 years, holding a variety of management positions in the Business Consulting Services, Global Services, and Business Consulting Services groups. He graduated Magna Cum Laude from Hartwick College, with a bachelor's degree in Information Systems.

Thomas Seifert, who has served as AMD's interim CEO since January, when Dirk Meyer resigned from the position, will return to his previous role of Senior Vice President, Chief Financial Officer. Bruce Clafin, who was named Executive Chairman of the Board during AMD's search for a new CEO, will return to his role as Chairman of the Board.

Of Read, Clafin said, "Rory is a proven leader with an impressive record of driving profitable growth. He is ideally suited to accelerate AMD's evolution into the world's leading semiconductor design company.... His sound strategic thinking and natural customer orientation will help amplify the voice of the customer inside AMD."

"I'm very pleased to be joining AMD at this important time in its history," Read said in a statement. "AMD is a true innovator and is uniquely positioned to lead the industry forward, delivering the next big thing both within the PC ecosystem and beyond. AMD has strong momentum and the opportunity to continue profitably gaining share based on its highly differentiated products, solid financial foundation, and passionate and committed employees. I'm excited to be joining AMD's employees as we write the next chapter not just for the company, but for the industry and consumers around the world."