Summary
Advanced Micro Devices, Inc. (AMD) filed an 8-K on September 22, 2011, reporting two key personnel changes. Firstly, the Compensation Committee approved a discretionary bonus of $746,000 for Thomas Seifert, Senior Vice President and Chief Financial Officer, recognizing his service as interim Chief Executive Officer from January to August 2011. This expense will be recognized in the third fiscal quarter of 2011. Secondly, the company announced the resignation of Rick Bergman, Senior Vice President and General Manager of the Products Group, effective September 27, 2011. Mr. Bergman will also cease to be an executive officer of the company on this date. These events signal changes in key leadership roles within AMD.
Key Highlights
- 1Thomas Seifert, CFO, received a $746,000 discretionary bonus for his service as interim CEO.
- 2The bonus payment for Mr. Seifert will be expensed in AMD's third fiscal quarter of 2011.
- 3Rick Bergman has resigned as Senior Vice President and General Manager of the Products Group.
- 4Mr. Bergman's resignation is effective September 27, 2011.
- 5Rick Bergman will no longer serve as an executive officer of AMD after September 27, 2011.