Summary
This Form 8-K filing from Advanced Micro Devices, Inc. (AMD) on February 8, 2011, primarily details executive compensation actions. The Compensation Committee approved significant bonus awards for fiscal year 2010 for two key named executive officers: Mr. Thomas Seifert, Senior Vice President, Chief Financial Officer, and Interim Chief Executive Officer, and Mr. Emilio Ghilardi, Senior Vice President and Chief Sales Officer. These bonuses, totaling over $1.9 million, were based on the achievement of a pre-established company-wide non-GAAP operating income target. Mr. Seifert received a bonus of $1,050,000, and Mr. Ghilardi received $942,865. The company plans to provide further details regarding these bonus awards in its upcoming proxy statement for the 2011 Annual Meeting of Stockholders.
Key Highlights
- 1AMD's Compensation Committee approved fiscal year 2010 bonus awards for key executives.
- 2Thomas Seifert (CFO and Interim CEO) received a bonus of $1,050,000.
- 3Emilio Ghilardi (Chief Sales Officer) received a bonus of $942,865.
- 4The bonus awards were contingent upon the achievement of a specific non-GAAP operating income target for the company.
- 5Total approved bonuses for these two executives amount to $1,992,865.
- 6The bonuses are scheduled to be paid in March 2011.
- 7Additional details on these bonus awards will be disclosed in the company's 2011 Proxy Statement.