AMD.'s President and CEO Hector Ruiz will take over as chairman of the company, as Jerry Sanders, founder and chairman since AMD's inception, continues to move out of the spotlight at the chipmaker.

AMD's board today announced Ruiz as chairman-elect and expects him to become chairman of the board following the company's annual meeting on April 29. Ruiz joined AMD as president and COO in January 2000, and was appointed CEO in April 2002. Sanders served as chairman and CEO since AMD's founding in 1969 until April 25, 2002 when he retired as CEO.

"When Hector Ruiz became CEO in April of 2002, he faced an extremely challenging semiconductor industry environment," Sanders said in a statement. "The actions and initiatives undertaken during his tenure have returned AMD to profitable growth while positioning us for leadership in all the industry sectors where we participate."

Sanders will act as chairman-emeritus, remaining in the board