As we pre-announced last week, Hector Ruiz, the CEO of AMD, is stepping out of the chair and making place for Dirk Myer to become the CEO of this fallen chip manufacturer.

Hector was the CEO from 2002, the Barcelona debacle. This makes Dirk as the third ever CEO of AMD.

Dirk is an ex-DEC engineer and was one of the chaps who designed Alpha CPU; and later at AMD he led a team to Athlon 64 success. We believe he is the perfect man for the job but we also know that he is afraid of journalists and doesn’t really like to talk to the public.

Hector stays as an executive chairman and he will probably have more time to run its asset smart / asset light strategy while Dirk can concentrate on getting the AMD back on track.

At the same time AMD announced a $1.2 billion loss, but we will deal with that news in a separate article. Now more than ever it looks like AMD might break even in Q4 2008, but once you fire 10 percent of your staff and write off more than 2 billion of your debt, you can get to profitability.

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Hector might leave in 2008