AMD chief accounting officer to resign, interim role assigned to CFO

Advanced Micro Devices Inc. (NASDAQ:AMD), a prominent semiconductor company with a market capitalization of $266 billion and strong financial health according to InvestingPro analysis, announced Monday that Philip Carter, Corporate Vice President and Chief Accounting Officer, has informed the company of his resignation, effective September 5. According to a statement based on an SEC filing, Carter will leave AMD to become Chief Financial Officer at another company.

The company stated that Carter’s resignation is not the result of any dispute or disagreement with AMD, including with respect to accounting practices or financial reporting.

Following Carter’s departure, Jean Hu, AMD’s Executive Vice President, Chief Financial Officer and Treasurer, will assume the responsibilities of interim Chief Accounting Officer while the company searches for a permanent replacement.

The company disclosed that there are no arrangements or understandings between Hu and any other person regarding her selection as interim Chief Accounting Officer. AMD further stated that Hu does not have any material interest in transactions requiring disclosure under SEC regulations and has no family relationships with any of AMD’s directors or executive officers.

The information is based on a press release statement included in AMD’s filing with the Securities and Exchange Commission.

In other recent news, Advanced Micro Devices (AMD) has seen its stock price target increased by Mizuho to $205 from $183, supported by anticipated growth in AI chip demand. Mizuho has also revised AMD’s revenue and earnings per share estimates for the September quarter to $8.80 billion and $1.15, respectively, slightly differing from consensus estimates of $8.71 billion in revenue and $1.17 in earnings per share. Additionally, AMD and ARM-based processors have been gaining CPU market share against Intel, as noted by a Bank of America review, indicating a competitive edge in the second quarter of 2025. In another significant development, AMD has confirmed it has received U.S. government approval to export certain AI processors to China, potentially opening up new market opportunities. This approval aligns with a broader U.S. strategy, as Treasury Secretary Scott Bessent suggested the possibility of expanding a revenue-sharing agreement on semiconductor sales in China to other industries. These developments come amid a dynamic market environment, with AMD’s performance being closely monitored by investors and analysts alike.

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