However, the Board believes we have the opportunity to create increased shareholder value over time. This will require the company to have significant growth, establish market leadership and generate superior financial returns. We believe a change in leadership at this time will accelerate the company's ability to accomplish these objectives.
So sad to see someone let go into this job market, with nothing but severance and a golden parachute worth tens of millions of dollars.
I smell sex scandal in 3... 2... 1...
What part of "Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn" don't you understand?
This guy was the heart and soul of AMD on the tech side for a very long time. Cutting him like this is just stupid.
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Yes it's me, original account still glitched Dave! Marco! Help!!!
I'm as cynical about CEO parachutes and pay as the next guy, but Meyer has been a major force at AMD for years and has always been considered one of the good guys. If there was a sex scandal brewing, we'd have probably seen remarks along the "...has retired to spend more time with his family" line.
I'm guessing at the reason for Meyer's departure but I firmly believe he took the right strategy with AMD's product portfolio. A company that's losing money hand over fist simply can't afford to aggressively pursue every single market, particularly when it's a full process generation behind its chief competitor.
OK AMD,....chin-up and keep on keeping on!
Don't part with your illusions. When they are gone you may still exist, but you have ceased to live.
"Dirk Meyer had been making an annual salary of $950,000, plus a "target" annual bonus of $1.9 million, according to Veritas Executive Compensation Consultants LLC. They estimate that his severance package was $8.55M USD in cash. An AMD spokesperson, Drew Prairie, gave a slightly higher estimate of $18M USD."
Ok 1 comment here I want to know when as well as where 9.5 Million USD is slightly more I would love to have a 1/4 of that, so if it is so slight why won't someone just cut me off a slice of cheese too please.
This man is basically the mind behind Athlon XP, Phenom, 6 core, fusion, Bulldozer and Opteron as well as all there recent corporate chips, and has been running at least as the CEO, development of ATI product roadmaps etc as well as all those previous processor lines for quite some time. I think they really just killed there golden Goose here because they could not wait for gold as they got hungry at a board meeting.
Earnings for 4th quarter are about to be released on Jan 20th, perhaps this was a preemptive move to appease the impending shareholder anger. I would stay away from AMD stock until the earnings are released.
gibbersome:I would stay away from AMD stock until the earnings are released.
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