Summary
This 8-K filing from Advanced Micro Devices Inc. (AMD) details the approval of annual cash performance bonuses for its Named Executive Officers for fiscal year 2017. The bonuses, approved by the Compensation and Leadership Resources Committee and the Board of Directors on February 7th and 8th, 2018 respectively, are tied to company-wide financial performance measures including adjusted non-GAAP net income, revenue, and adjusted non-GAAP free cash flow. These awards reflect the executive team's performance against pre-established targets for the 2017 fiscal year, with payments expected in March 2018. While the specific bonus amounts are disclosed, the filing indicates that the actual payouts represent approximately 78% of the target bonus opportunity for each executive. This suggests that while the company achieved some level of performance, it did not fully meet all of its ambitious 2017 financial goals. Investors should note that further details regarding the performance metrics and targets will be provided in AMD's upcoming proxy statement for the 2018 Annual Meeting of Stockholders.
Key Highlights
- 1AMD's Compensation Committee and Board approved fiscal year 2017 performance bonuses for Named Executive Officers on February 7-8, 2018.
- 2Bonuses are based on achieving pre-established company-wide financial measures: adjusted non-GAAP net income, revenue, and adjusted non-GAAP free cash flow.
- 3CEO Lisa T. Su received a bonus of $1,076,700.
- 4Other Named Executive Officers received bonuses ranging from $399,640 to $436,500.
- 5The approved bonuses represent approximately 78% of the target bonus opportunity for the fiscal year 2017.
- 6Bonus payments are scheduled to be disbursed in March 2018.
- 7Additional details on 2017 performance and bonus metrics will be disclosed in the 2018 Proxy Statement.