Read replaces Thomas Seifert, the chief financial officer, who has served as interim CEO since January, when Dirk Meyer was ousted.
Advanced Micro Devices Inc. is Intel Corp.'s only sizeable competitor when it comes to making PC processors. It's also a leading maker of graphics chips.
The board felt Meyer had not acted fast enough to get AMD chips into smartphones and tablets, which are starting to eat into PC sales.
Lenovo, which is based in China, is the world's third-largest maker of PCs.