Advanced Micro Devices Inc. AMD, -2.11% said Wednesday it appointed the former chief executive officer of fellow chip maker Micron Technology Inc. MU, -0.47% , Mark Durcan, to its board of directors. Durcan announced his intention to retire from Micron in February, and stepped down as Micron's CEO and from the company's board effective May 8, after 32 years at the memory-chip company. "We look forward to gaining Mark's deep industry insights, technical knowledge and leadership experience as a member of AMD's board of directors," said AMD Chairman John Caldwell. AMD's stock rallied 2.1% in premarket trade. The stock had plunged 20% over the past three months through Tuesday, while the PHLX Semiconductor Index SOX, -1.51% had run up 17% and the S&P 500 SPX, -1.11% had gained 4%.