AMD CEO's pay bumped up in 2010 before resignation

AP News
Posted: Mar 11, 2011 12:55 PM
AMD CEO's pay bumped up in 2010 before resignation

CEO Dirk Meyer got a pay raise in 2010 for his work helping to revive Advanced Micro Devices Inc.'s performance. Two weeks into the new year, however, he was bumped from the job mainly because the board felt the chip maker wasn't moving fast enough into tablet computers and smart phones markets.

Meyer's compensation package last year totaled $5.5 million, up from $4.5 million the year before, according to calculations by The Associated Press of AMD's annual executive compensation filing with the Securities and Exchange Commission. The value of his salary and stock and option awards increased.

Due to his ouster, Meyer also received an $8.6 million cash severance payment, and Sunnyvale, Calif.-based AMD accelerated the vesting of all of his outstanding equity awards _ in total, $2.3 million in options and $5.7 million in stock.