AMD CEO still plans April retirement
Sanders will stay on through 2003 as chairman
By Chris Kraeuter, CBS.MarketWatch.com
SUNNYVALE, Calif. (CBS.MW) - Advanced Micro Devices Chairman and CEO W.J. Sanders reiterated that he would retire from his CEO duties on April 25. According to the microchip maker's annual proxy filing, Sanders, 65, will serve as chairman through 2003 and President and Chief Operating Officer Hector de J. Ruiz, 56, will take over as CEO. Ruiz will retain the president's title.
Succession plans originally were announced in February 2001. On Friday, AMD (AMD: news, chart) shares rose $1.03, or 6.7 percent, to $16.34.
Ruiz signed an employment agreement with AMD through April 2007. The contract dictates an annual base salary of $950,000 plus an incentive bonus of not more than $5 million. He was paid $776,000 last year.
Also, he was granted options representing 1.2 million shares at $16.05 a share. Half vest based upon the attainment of performance criteria and the remainder vest in varying amounts through 2006. He already owns 1 million shares.
Sanders, who has held the top post at AMD since co-founding the company in 1969, was paid $1 million last year, as well as the two previous years. For this year, he will be paid $750,000 and $600,000 in 2003.
Ruiz joined AMD in January 2000 after serving as president of Motorola for three years.
Chris Kraeuter is a reporter for CBS.MarketWatch.com in San Francisco. |
