AMD cuts CEO pay, makes a profit

Advanced Micro Devices turned a profit in 2009 after three successive annual losses, but CEO Dirk Meyer's total compensation fell 15%.

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Advanced Micro Devices turned a profit in 2009 after three successive annual losses, but CEO Dirk Meyer's total compensation fell 15%.

Meyer received compensation in fiscal 2009 valued at $4.5 million, compared to $5.3 million in 2008, according to documents filed with the US Securities and Exchange Commission.

His pay package includes a $792,685 salary, plus a $45,000 bonus. The bonus Meyer and other AMD employees received is a one time payment to supplement their base salaries, which were temporarily decreased by 15% to 20% during 2009.

Meyer also received stock and option awards valued at $3.7 million at the time they were granted (down 16% from $4.4 million in 2008). His other compensation and perquisites totaled $7,478, which includes matching contributions to his 401(k) account.

As a company, AMD's revenue fell 7% in 2009, but the company turned an annual profit for the first time since 2005. AMD reported a net profit of $304 million on revenue of $5.4 billion for the year ending December 26. AMD reported a loss of $3.1 billion on revenue of $5.8 billion in 2008.

Meyer's total pay is calculated using data supplied in a proxy statement filed with the SEC on March 5. The following figures are taken from the summary compensation table: salary, bonus, and all other compensation. Added to those figures is the estimated value of stock options and awards granted during the year; that figure is taken from the table that summarizes grants of plan-based awards.

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