Business Context and Reporting Period
This Form 8-K filing by Advanced Micro Devices, Inc. (AMD) was submitted on November 16, 2009. The report addresses Item 5.02 regarding the appointment of certain officers and compensatory arrangements, specifically the reversal of salary reductions previously implemented for named executive officers.
Key Financial Metrics
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation adjustments.
Material Changes
Effective November 23, 2009, the Compensation Committee approved the reversal of across-the-board salary reductions that had been in effect since February 1, 2009. The reinstated annual base salaries for named executive officers are as follows:
- Derrick Meyer (President and CEO): Reinstated from $720,000 to $900,000.
- Robert Rivet (Executive Vice President, Chief Operations and Administrative Officer): Reinstated from $552,500 to $650,000.
- Thomas McCoy (Executive Vice President, Legal, Corporate and Public Affairs): Reinstated from $462,400 to $544,000.
Because annual bonus targets are calculated as a percentage of base salary, these increases will also raise fiscal 2009 annual bonus payments, if any are awarded.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on market outlook, or discussion of risks and contingencies beyond the specific compensation adjustment.
Key Facts for Investor Verification
- Verify the effective date of the salary reinstatement (November 23, 2009) against payroll records.
- Confirm the impact of the base salary increase on the calculation of fiscal 2009 bonus targets.
- Review the original January 16, 2009 filing to understand the context of the initial salary reductions.