Another Reason To Sack AMD (AMD) CEO: An ATI Write-Off

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By Douglas A. McIntyre Updated Published

AMD (AMD) has finally admitted that the assets which it acquired with its disastrous acquisition of graphic chip company ATI are impaired.

Odd that they were the last to know.

According to MarketWatch "the chip maker expects the impairment charge will be material but said it couldn’t provide an estimate of the amount of the charge. The company realized the charge during its annual strategic planning cycle, according to a Securities and Exchange Commission."

AMD paid $5.4 billion for the bucket of chips company and that combined company now has a paltry market cap of just over $5 billion.

CEO Hector Ruiz says he plans to stay on, but it is time for him to leave.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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