Summary
This 8-K filing from Advanced Micro Devices, Inc. (AMD) on November 12, 2008, primarily details changes to the compensation of its Chief Financial Officer and Chief Operations and Administrative Officer, Robert J. Rivet. The changes were approved by the Compensation Committee on November 6, 2008. These adjustments reflect Mr. Rivet's expanded role following his appointment as Chief Operations and Administrative Officer on October 23, 2008. Specifically, his annual base salary was increased, and his target award under the Company's Annual Incentive Plan was also elevated. Investors should note this adjustment as it pertains to a key executive's compensation structure in relation to increased responsibilities.
Key Highlights
- 1Robert J. Rivet, CFO and Chief Operations and Administrative Officer, received a compensation adjustment.
- 2His annual base salary increased from $599,000 to $650,000.
- 3His target award under the 2005 Annual Incentive Plan was increased from 150% to 175% of his annual base salary.
- 4The compensation changes were approved by the Compensation Committee on November 6, 2008.
- 5The increase is linked to Mr. Rivet's appointment as Chief Operations and Administrative Officer on October 23, 2008.
- 6The filing is a standard 8-K reporting an executive compensation change.