Summary
Advanced Micro Devices Inc. (AMD) filed an 8-K on February 20, 2017, disclosing the approval of annual cash performance bonuses for its Named Executive Officers for fiscal year 2016. These bonuses were determined based on the company's performance against pre-established financial metrics including adjusted non-GAAP net income, revenue, and adjusted non-GAAP free cash flow. The bonuses, paid under the Executive Incentive Plan (EIP), represent approximately 33% of each executive's respective 2016 target cash bonus opportunity. Key executives, including CFO Devinder Kumar and CEO Lisa T. Su, received bonuses, with Ms. Su receiving the largest award at $432,656. The company plans to provide more detailed information about these bonus awards in its upcoming 2017 proxy statement. These awards reflect the company's performance-based compensation structure and are being paid out in April 2017.
Key Highlights
- 1AMD approved fiscal year 2016 annual cash performance bonuses for Named Executive Officers on February 16-17, 2017.
- 2Bonuses were based on company-wide performance against adjusted non-GAAP net income, revenue, and adjusted non-GAAP free cash flow targets.
- 3Each executive received approximately 33% of their 2016 target cash bonus opportunity.
- 4CEO Lisa T. Su received a bonus of $432,656.
- 5CFO Devinder Kumar received a bonus of $172,250.
- 6Other key executives receiving bonuses include Jim Anderson, Forrest E. Norrod, and Mark D. Papermaster.
- 7The bonuses are scheduled to be paid in April 2017.