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

To: Time Traveler who wrote (32630)	5/12/1998 5:12:00 PM
From: Maverick	Read Replies (2) \| Respond to of 1572208

Serious board games at AMD: Sanders was almost pushed out by CalPERS By Thomas S. Gray of Techweek Advanced Micro Devices Inc. has also earned a spot on our list of fast-rising chip stocks. As of April 30, it was up 55 percent for the year with an April 30 closing price of 38. But Sunnyvale-based AMD doesn't get respect from everyone. And not all shareholders are pleased. Witness the unsuccessful move last week by the California Public Employees Retirement System (CalPERS), the largest pension fund in the United States, to move AMD Chairman and CEO Jerry Sanders out of the chairman's job and replace him with a director not working for the company. The CalPERS proposal fell short in proxy balloting at the company's April 30 annual meeting, getting only 28 percent of the votes. CalPERS, which owns about a half million of AMD's 143 million outstanding shares, is displeased with AMD's long-term record, which is a lot less stellar than its stock performance of the past four months. In a letter sent last week to fellow AMD shareholders, CalPERS CEO James Burton said AMD actually lost money for buy-and-hold investors while other tech companies were creating short-order millionaires. A $100 stake in the company at the end of 1992, he said, would have shrunk to $98 by the end of 1997, while $100 invested in a peer group, the Technology 500 index, would have grown to $369. AMD is taking on Intel with an inexpensive, popular product, the K6 microprocessor, but it's also struggling with production snags and a heavy load of debt. So far this year, Wall Street's hope seems to have triumphed over the previous five years of investor experience.