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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Scumbria who wrote (132785)	2/14/2001 4:19:49 PM
From: 5dave22	Read Replies (1) \| Respond to of 1570140

AMD Announces Amended Agreement with CEO and Affirms CEO Succession Plan SUNNYVALE, Calif.--(BUSINESS WIRE)--Feb. 14, 2001--AMD (NYSE:AMD - news) announced today that its board of directors and W.J. Sanders III, chairman and chief executive officer, have agreed that Mr. Sanders will serve as CEO until the annual shareholder meeting in April of 2002. At that time the board expects that Dr. Hector de J. Ruiz, president, chief operating officer, and a member of the board of directors, will succeed Mr. Sanders as CEO. Under his amended agreement, Mr. Sanders will serve as chairman of the board through 2003. ``We are extremely pleased with our plan for a seamless leadership transition,'' said Charles M. Blalack, chairman of the compensation committee of the board of directors. ``Jerry Sanders is one of the true visionary leaders of the semiconductor industry, and of course the driving force of AMD since its founding over 30 years ago. While Jerry will step down as chief executive officer in April of 2002, our agreement assures that AMD will continue to have the benefit of his active involvement in vision, strategy and key industry relationships.'' ``Since coming to AMD in January of 2000 as president and chief operating officer, Hector Ruiz has taken charge of day-to-day operations and launched a number of initiatives to improve our operational performance and efficiency,'' said Mr. Sanders. ``We have a great working relationship across the waterfront of strategic and planning issues. Most important, he is an outstanding leader and semiconductor industry veteran who shares and embodies the customer- and employee-focused values that define the AMD culture,'' Mr. Sanders concluded. biz.yahoo.com