Summary
Advanced Micro Devices Inc. (AMD) announced two key updates via an 8-K filing on July 3, 2017. Firstly, the company appointed Mr. Abhi Talwalkar to its Board of Directors, increasing the board's size to nine members. Mr. Talwalkar has been deemed an independent director and will serve on the Compensation and Leadership Resources, and Nominating and Corporate Governance Committees. His compensation will align with existing policies for non-employee directors, and he received an initial grant of 15,301 restricted stock units vesting in one year. Secondly, AMD's Compensation and Leadership Resources Committee approved base salary increases for three named executive officers, effective July 1, 2017. These increases reflect adjustments for the Chief Financial Officer, the General Manager of the Computing and Graphics Business Group, and the Chief Technology Officer. Investors should note these changes as they impact executive compensation and corporate governance.
Key Highlights
- 1Appointment of Abhi Talwalkar as an independent director to the Board of Directors, increasing board size to nine.
- 2Mr. Talwalkar appointed to the Compensation and Leadership Resources Committee and the Nominating and Corporate Governance Committee.
- 3Mr. Talwalkar received a grant of 15,301 restricted stock units, vesting one year from the grant date.
- 4Approved annual base salary increases for three named executive officers, effective July 1, 2017.
- 5Devinder Kumar (CFO) salary increased from $530,000 to $550,000.
- 6James R. Anderson (SVP, Computing and Graphics) salary increased from $500,000 to $530,000.
- 7Mark D. Papermaster (CTO) salary increased from $550,000 to $575,000.