Fudzilla sources close to the matter have said that Keller made some changes in the design priorities. The K12 is an ARM-based product aimed for the server environment, At the end of 2015 no one has made any impact in the server market with an ARM based product.
The Zen was the most important product from AMD and Keller hoped that that the success of the Zen based server and desktop line will pull its nadgers out of the fire. But potentially there was some nice money to be made in server market. Even if Zen failed to beat Intel in performance, it will most likely be more affordable solution. This is how AMD could easily win some market share back for the company.
The next generation APU, the successor of the Godavari platform also features a hive of Zen cores as well as the Radeon GPU from the Greenland HMB 2.0 family.
These are the products that were keeping Jim Keller and its enormous team busy until he left the company. Not all is lost as AMD has bunch of great engineers that can continue the work on this promising architecture.
One can only hope that for once in a blue moon AMD will come with this product in time.