AMD board stands firm behind Jerry Sanders
Shareholder wants independent chair as Sanders gets $2m bonus
An attempt by an AMD shareholder to have an independent chair appointed by the board at the company's annual meeting next month is being resisted by the firm. In the latest SEC filing, which outlines changes to be discussed at the meeting on 27 April, AMD says that the proposal, which is similar to one made two years back and then rejected, should be rejected by shareholders now, too. The proposal wants to amend company bylaws so that the chair is someone who has not worked for the firm within the last five years amd is not affiliated to any company that advises AMD, orr with big customers or suppliers, or with family members. The board said they recommended voting against the proposal for a number of reasons, including the fact that toppling Jerry Sanders would cause AMD to breach a five-year 1996 employment agreement. It adds that the interests of AMD "are best served by the experience and consistent direction and stategic vision afforded by a single full-time individual serving as chairman and CEO". The SEC filing also reveals that Jerry Sanders received a $2,000,000 bonus from AMD, after its then chief operating officer, Atiq Raza, abruptly left the firm in July. Other AMD execs also received hefty bonuses for their performance in 1999, including bringing the Athlon successfully to market and striking deals with Motorola. ®
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