AMD reverses prior reductions in executive salariesPosted: November 20, 2009
In an SEC filing, AMD disclosed that it has now reversed all prior salary reductions. See below:
“As previously reported, on January 16, 2009, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Advanced Micro Devices, Inc. (the “Company”) approved across-the-board reductions to annual base salaries, including the annual base salaries of all named executive officers, effective as of February 1, 2009.
Effective November 16, 2009, the Compensation Committee approved the reversal of these reductions commencing on November 23, 2009.
As a result, the reinstated annual base salaries of the named executive officers will be the following: (i) Mr. Derrick Meyer, the Company’s President and Chief Executive Officer, reinstated from $720,000 to $900,000; (ii) Mr. Robert Rivet, the Company’s Executive Vice President, Chief Operations and Administrative Officer, reinstated from $552,500 to $650,000; and (iii) Mr. Thomas McCoy, the Company’s Executive Vice President, Legal, Corporate and Public Affairs, reinstated from $462,400 to $544,000. Because annual bonus targets are a percentage of annual base salary, the across-the-board increases, in effect, would also increase fiscal 2009 annual bonus payments, if any. “