Summary Box: AMD names new CEO from Lenovo

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NEW HEAD: Chip-maker Advanced Micro Devices Inc. has named an executive from PC maker Lenovo Group as its new CEO.

HIS TASK: He needs to improve the struggling company’s finances and turn the rise of smartphones and tablets into an opportunity rather than a threat. The mobile gadgets don’t use AMD chips and are starting to take a bite out of PC sales.

HIS PAST: Rory P. Read had been Lenovo’s chief operating officer. Chief Financial Officer Thomas Seifert had served as interim CEO of AMD since Dirk Meyer was ousted in January.