Seriously: Hector Ruiz Didn't Get That Raise
Eyebrows were raised last week when reports came in saying that AMD CEO Hector Ruiz received a 7.4% raise last week, despite the problems the semiconductor company is having. We can all rest easy knowing it's just a misunderstanding.
It turns out that a senior member of AMD's public relations staff erred when confirming Thursday afternoon--prior to publishing this report--that Hector was given a raise this week. The raise in question actually came last year, and the $1,046,358 in the proxy statement reflected that Hector spent part of 2006 making $950,000, and part of 2006 making $1,124,000. Hector's annual salary rate has changed slightly since then, but by just $24,000 or so to reflect a different accounting treatment of a car expense.
It turns out that a senior member of AMD's public relations staff erred when confirming Thursday afternoon--prior to publishing this report--that Hector was given a raise this week. The raise in question actually came last year, and the $1,046,358 in the proxy statement reflected that Hector spent part of 2006 making $950,000, and part of 2006 making $1,124,000. Hector's annual salary rate has changed slightly since then, but by just $24,000 or so to reflect a different accounting treatment of a car expense.
We're really happy now, knowing that he didn't get a pay cut, and that he's still making the highest CEO salary in the semiconductor biz. Aren't you happy?
