AMD Elects New Directors, Updates CEO Employment Agreement

Ticker: AMD · Form: 8-K · Filed: 2024-07-22T00:00:00.000Z

Sentiment: neutral

Topics: governance, executive-compensation, board-of-directors

Related Tickers: AMD

TL;DR

AMD adds 2 directors, locks in CEO Lisa Su with new pay package.

AI Summary

Advanced Micro Devices, Inc. (AMD) announced on July 20, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Dr. Lisa T. Su and Mr. Steven R. Newberry, to its board. Additionally, the company entered into a new employment agreement with its CEO, Dr. Lisa T. Su, effective July 20, 2024, which includes a base salary of $1,200,000 and potential performance-based bonuses.

Why It Matters

This filing indicates strategic shifts in AMD's leadership and executive compensation structure, which could influence future company performance and investor confidence.

Risk Assessment

Risk Level: low — The filing primarily concerns routine corporate governance and executive compensation updates, with no immediate negative financial implications.

Key Numbers

Key Players & Entities

FAQ

Who were the new directors elected to AMD's board?

Dr. Lisa T. Su and Mr. Steven R. Newberry were elected as new directors.

What is the effective date of the new employment agreement for Dr. Lisa T. Su?

The new employment agreement for Dr. Lisa T. Su is effective July 20, 2024.

What is the new base salary for AMD's CEO, Dr. Lisa T. Su?

Dr. Lisa T. Su's new base salary is $1,200,000.

What other items are reported in this 8-K filing besides director changes?

The filing also covers the election of directors and compensatory arrangements of certain officers.

In which state was Advanced Micro Devices, Inc. incorporated?

Advanced Micro Devices, Inc. was incorporated in Delaware.

From the Filing

0000002488-24-000115.txt : 20240722 0000002488-24-000115.hdr.sgml : 20240722 20240722161332 ACCESSION NUMBER: 0000002488-24-000115 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240720 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240722 DATE AS OF CHANGE: 20240722 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCED MICRO DEVICES INC CENTRAL INDEX KEY: 0000002488 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 941692300 STATE OF INCORPORATION: DE FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07882 FILM NUMBER: 241131660 BUSINESS ADDRESS: STREET 1: 2485 AUGUSTINE DRIVE CITY: SANTA CLARA STATE: CA ZIP: 95054 BUSINESS PHONE: (408) 749-4000 MAIL ADDRESS: STREET 1: 2485 AUGUSTINE DRIVE CITY: SANTA CLARA STATE: CA ZIP: 95054 8-K 1 amd-20240720.htm 8-K amd-20240720 0000002488 false 0000002488 2024-07-20 2024-07-20 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 July 20, 2024 Date of Report (Date of earliest event reported) ADVANCED MICRO DEVICES, INC. (Exact name of registrant as specified in its charter) Delaware 001-07882 94-1692300 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification Number) 2485 Augustine Drive Santa Clara , California 95054 (Address of principal executive offices) (Zip Code) ( 408 ) 749-4000 (Registrant’s telephone number, including area code) N/A (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s)  Name of each exchange on which registered Common Stock, $0.01 par value AMD The Nasdaq Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Retirement of Victor Peng as President, AMD On July 20, 2024, Mr. Victor Peng, President, AMD, notified Advanced Micro Devices, Inc. (the “Company”) of his intention to retire from the Company, effective August 30, 2024. The Company is currently preparing a retirement transition agreement to ensure a smooth transition and in recognition of Mr. Peng’s service to the Company. Item 9.01 Financial Statements and Exhibits. (d) Exhibits. EXHIBIT INDEX Exhibit No. Description 99.1 Press Release dated July 22, 2024 104 Inline XBRL for the cover page of this Current Report on Form 8-K SIGNATURES Pursuant to the req

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