AMD President Victor Peng is retiring effective August 30, 2024, after rejoining in 2022 following the acquisition of Xilinx.

In the second quarter of 2024, Intel processors comprised 64% of all x86 CPU tests, while AMD processors represented 33%.

Nvidia currently dominates the AI accelerator market with a market share of 70% to 95%.

AMD aims to challenge Nvidia's dominance in AI chips with an expanded road map of Instinct processors, including the MI300 and upcoming MI325.

AMD shares traded lower by 0.54% at $155.04 as of the latest check on Tuesday.

AMD and Intel are competing for dominance in the AI PC market, with Intel leading in benchmark test results for laptop CPUs.

Boppana and Salil Raje will report directly to CEO Dr. Lisa Su during this transition period.

Peng has over 40 years of experience in leadership technologies across FPGAs, SoCs, GPUs, and high-performance CPUs.

Salil Raje will continue to lead AMD's embedded business as the Senior Vice President and General Manager of the Adaptive and Embedded Computing Group.

Vamsi Boppana, Senior Vice President of the Artificial Intelligence Group, will take on additional responsibilities including overseeing the AMD Instinct data center AI accelerator business.

Rick Bergman, head of AMD's Computing and Graphics Group, retired last year.

AMD Chair and CEO Dr. Lisa Su appreciates Peng's leadership in scaling embedded business and AI strategy.

Peng spent 14 years at Xilinx as President and CEO, contributed significantly to 5G and automotive solutions.

AMD shares fell 0.8% in premarket trading following the announcement of President Victor Peng's retirement next month.