AMD has picked a new CFO. The internal and external search turned up Devinder Kumar, who will now be a senior vice president and chief financial officer, effective today. Kumar is 57 and will report to AMD CEO Rory Reed. Kumar has served as the interim CFO since September 2012 and as senior vice president since 2006.

"Devinder has been with AMD for more than 28 years and is a talented finance veteran with deep industry knowledge," said Read. "As we accelerate our strategic growth initiatives, Devinder will play an integral role driving the new business model in the near term and strengthening AMD's long-term financial foundation."

Kumar is well equipped for the job: He holds a bachelor's degree from University of Malaya, Malaysia, a master's degree from University of California, Santa Barbara, and a master's degree in business administration from University of California, Los Angeles.