2008-07-19 04:00:04Hector Ruiz is out as chief executive at Advanced Micro Devices as the struggling chip maker on Thursday reported its seventh consecutive quarter in the red to the tune of a $1.19 billion loss in the second quarter of this year. Dirk Meyer, Sunnyvale, Calif.-based AMD's president and chief operating officer, has been elected by AMD's board to replace Ruiz as CEO, according to the company. Ruiz replaced Jerry Sanders as CEO in 2002 upon the AMD co-founder's retirement. Ruiz will stay on in a director's capacity at AMD, he said on Thursday's Q2 earnings call, where the news was announced at about 2 p.m., PT.
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