Summary
This 8-K filing from Advanced Micro Devices, Inc. (AMD) on November 20, 2009, primarily announces the reversal of executive salary reductions that were implemented on February 1, 2009. Effective November 23, 2009, the annual base salaries for the named executive officers will be restored to their pre-reduction levels. This decision signals a potential improvement in the company's financial outlook or operational stability, as salary restorations for top management typically occur when financial pressures ease. Investors should note that the increase in base salaries will also impact potential annual bonus payments, as these are often calculated as a percentage of base salary. The filing provides specific details on the reinstated salaries for the CEO, COO, and General Counsel.
Key Highlights
- 1Reversal of across-the-board executive salary reductions, effective November 23, 2009.
- 2CEO Derrick Meyer's salary restored from $720,000 to $900,000.
- 3EVP, Chief Operations and Administrative Officer Robert Rivet's salary restored from $552,500 to $650,000.
- 4EVP, Legal, Corporate and Public Affairs Thomas McCoy's salary restored from $462,400 to $544,000.
- 5Salary restoration will lead to an effective increase in potential fiscal 2009 annual bonus payments.
- 6These salary increases were approved by the Compensation Committee of the Board of Directors.
- 7This action was taken by the company in Delaware.