Summary
Advanced Micro Devices, Inc. (AMD) announced a change to its Board of Directors, appointing Mr. Michael Gregoire as a new director effective December 13, 2019. This appointment increases the Board size from seven to eight members. Mr. Gregoire has been deemed an independent director and has been appointed to key committees, including the Nominating and Corporate Governance Committee and the Audit and Finance Committee. This move suggests a focus on strengthening board oversight and leveraging diverse expertise. Investors may view this as a positive step towards enhanced corporate governance. Mr. Gregoire's compensation will align with the company's standard policies for non-employee directors, including a grant of 4,786 restricted stock units that vest after one year. The company also provided a press release dated December 16, 2019, as an exhibit to this filing.
Key Highlights
- 1AMD appointed Michael Gregoire as a new director to its Board of Directors on December 13, 2019.
- 2The Board size was increased from seven to eight directors to accommodate the new appointment.
- 3Mr. Gregoire has been classified as an independent director under Nasdaq and SEC rules.
- 4The new director has been appointed to the Nominating and Corporate Governance and Audit and Finance committees.
- 5Mr. Gregoire received a grant of 4,786 restricted stock units, vesting in one year.
- 6Director compensation will follow AMD's existing policies for non-employee directors.