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Hector Ruiz was pushed aside Thursday after six tumultuous years as CEO of Advanced Micro Devices (AMD), as the chip-maker tries to pull itself out of a deep financial hole.

Ruiz, 62, who had been the only person to head AMD other than founder and longtime CEO Jerry Sanders, is stepping down as chief executive but will remain on the board.

He’s being replaced as CEO by Chief Operating Officer Dirk Meyer, 46.

AMD also reported that it lost $1.19 billion in the second quarter, worse than the $600 million it lost in the same period a year ago.

Taking one-time events into account, AMD’s adjusted loss totaled 60 cents per share, below the 52 cents expected by analysts polled by Thomson Financial.

Revenues rose to $1.35 billion from $1.31 billion, falling short of the $1.45 billion expected on Wall Street.