Summary
Advanced Micro Devices, Inc. (AMD) announced changes to its Board of Directors via an 8-K filing on March 19, 2014. The company expanded its board size to twelve directors and appointed two new independent directors, Ms. Nora M. Denzel and Mr. Michael J. Inglis. These new directors have also been appointed to the Nominating and Corporate Governance Committee. In addition to their appointments, Ms. Denzel and Mr. Inglis were each granted 69,269 restricted stock units that will vest in one year. The filing also noted that Ms. H. Paulett Eberhart, a current board member, will not seek re-election at the upcoming 2014 Annual Meeting of Stockholders to focus on other commitments. These board adjustments are significant as they indicate strategic shifts in governance and potentially new perspectives guiding the company.
Key Highlights
- 1AMD expanded its Board of Directors to twelve members.
- 2Two new independent directors, Nora M. Denzel and Michael J. Inglis, were appointed.
- 3The new directors were also appointed to the Nominating and Corporate Governance Committee.
- 4Nora M. Denzel and Michael J. Inglis were each granted 69,269 restricted stock units, vesting in one year.
- 5Current board member H. Paulett Eberhart will not stand for re-election at the 2014 Annual Meeting of Stockholders.
- 6The press release announcing these changes is attached as Exhibit 99.1.