UPDATE 1-Chipmaker AMD names new chief financial officer

SAN FRANCISCO Wed Jan 2, 2013 4:51pm EST

SAN FRANCISCO Jan 2 (Reuters) - Advanced Micro Devices said on Wednesday it promoted senior executive Devinder Kumar to chief financial officer after the struggling PC chipmaker announced in September its previous CFO was leaving.

Kumar, a 28-year AMD veteran, had been standing in as CFO since AMD announced the departure of Thomas Siefert, who was liked by many on Wall Street.

Since 2001, Kumar was corporate controller at AMD, which like other PC-related companies has been hit by a slump in demand as smartphones and tablets grow in popularity.

AMD, one of Silicon Valley's oldest chipmakers, has been laying off engineers while looking for new markets for its chips as it faces dwindling cash reserves.

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