Advanced Micro Devices, Inc (AMD  ) announced Monday that President Victor Peng will retire effective August 30, 2024. Peng will remain on the AMD executive team in an advisory capacity to aid the transition until his retirement.

Victor Peng re-joined AMD in 2022 after the acquisition of Xilinx, playing a crucial role in integrating and expanding AMD's embedded business and leading the company's AI strategy.

Under his leadership, AMD emerged as the top FPGA and adaptive computing solutions provider.

He became AMD's president in February 2022 following the Xilinx acquisition, where he served 14 years as president, CEO, and board member.

Vamsi Boppana, Senior Vice President of the Artificial Intelligence Group, will expand his duties to include the AMD Instinct data center AI accelerator business as part of the transition.

Boppana joined Xilinx in 2008 and oversees cross-company AI software, ecosystem development, and AI hardware roadmaps.

Additionally, Salil Raje, Senior Vice President and General Manager of the Adaptive and Embedded Computing Group, will continue leading AMD's embedded business.

Mizuho Securities reports that Nvidia dominates the AI accelerator market with a share ranging from 70% to 95%.

Intel Corp (INTC  ) and AMD are vying for dominance in the AI PC market. In the second quarter of 2024, according to Statista, Intel processors comprised 64% of all x86 CPU tests, while AMD processors represented 33%. Intel led with 75% of benchmark test results for laptop CPUs during the same period.

Price Action: AMD shares traded lower by 0.54% at $155.04 at the last check on Tuesday.