Advanced Micro Devices Inc (AMD)

[subzero]

"Aside from all of Jerry's limos they've hocked off everything "

AMD still has a corporate airplane that Mr. Sanders uses for his personal purposes. Perhaps this too can be sold to generatw some badly needed cash?

"The company's former chief executive, Jerry Sanders, who remains its chairman, earned $916,838 in 2002 and $495,660 in other compensation that included the use of company vehicles and the company airplane. "


Reuters
AMD chairman, CEO earned no bonuses in 2002-filing
Friday March 14, 8:01 pm ET


LOS ANGELES, March 14 (Reuters) - The new chief executive of chip maker Advanced Micro Devices Inc. (NYSE:AMD - News) earned nearly $900,000 in salary in 2002 but was not paid a bonus, the company said in a filing with securities regulators on Friday.
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In a proxy statement filed with the U.S. Securities and Exchange Commission (News - Websites), AMD said Hector Ruiz, who became CEO in April, was paid $896,945 in salary.

His total compensation for the year topped $1.3 million, including what the company said was a payment of just more than $315,000 to cover a tax penalty related to a retirement account Ruiz forfeited when he left Motorola Inc. (NYSE:MOT - News) for AMD.

AMD also listed $305,318 in "other" long-term compensation for Ruiz in 2002, including what it said was $265,287 deposited in a trust account to replace the forfeited retirement benefit from his tenure at Motorola.

Ruiz was also granted a total of 1.2 million stock options in 2002, AMD said, at an exercise price of $16.05.

The company's former chief executive, Jerry Sanders, who remains its chairman, earned $916,838 in 2002 and $495,660 in other compensation that included the use of company vehicles and the company airplane. Sanders received no option grants in 2002, according to the filing.

AMD also said it was seeking shareholder approval for a stock option exchange plan that would allow employees holding options with exercise prices above $10 per share to trade in those options for fewer shares at a lower exercise price.

AMD said employee options for up to 27.3 million shares could be tendered under the program and exchanged for up to 15.4 million new options with lower strike prices.

The exchanges would be in ratios from 1.5-to-1 up to 2.4-to-1, depending on the exercise price of the original option, AMD said.

Shares in AMD, after losing more than 59 percent of their value in 2002, are off nearly 11 percent in 2003. The stock closed at $5.77 on the New York Stock Exchange (News - Websites) on Friday.