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Hector Ruiz gets $3 million for splitting AMD
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Posted on Sunday, October 12 2008 @ 22:23:37 CEST by Thomas De Maesschalck |
The Street reports former AMD CEO Hector Ruiz was granted a $3 million bonus for splitting AMD in two. Additionally, Ruiz also received a new two-year contract to serve as nonvoting chairman of The Foundry Company, AMD's former manufacturing arm.
The deal, which Ruiz worked on for more than a year, is a complex affair that involves financing from two Middle Eastern government investment funds and is subject to clearing various regulatory hurdles.
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By separating its manufacturing operations, AMD will unburden itself from the massive capital investments required to maintain state of the art chip factories.
As chairman of the Foundry Company, as AMD is temporarily calling the new entity, Ruiz will earn an annual salary of $1.15 million, with a maximum annual bonus opportunity of up to 400% of his base salary. A special $3 million bonus is subject to the closing of the deal to create Foundry and Ruiz's assuming the chairmanship of Foundry.
AMD's shares dropped 5.69 percent on Friday, and are now worth $3.81 per share. Since the firm acquired ATI in October 2006, the stock has dropped more than 81 percent.
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