AMD chairman and CEO Hector Ruiz has admitted that 2007 was a bad year for the chipmaker, telling financial analysts in New York: "We blew it and we're very humbled by it and we learned from it and we're not going to do it again."
AMD has struggled this year, largely due to technical problems that repeatedly delayed the widespread availability of its quad-core Opteron chip, known as Barcelona. As a result, the company saw its financial losses mount – about £800m during the first nine months of this year – while incurring £1.8bn in long-term debt to help keep the company's operations running.
The announcement this week that AMD plans to take an as-yet unspecified charge for impaired goodwill from its £2.7bn acquisition of ATI – recognition that the graphics-chip vendor is worth less than AMD paid for it last year – only added to AMD's financial woes and dimmed investor enthusiasm. AMD's share price closed at $8.84 on Thursday, down 56% from a year ago.
However, those issues will not affect Ruiz's base salary, which has been increased, according to a filing with the US Securities and Exchange Commission released on Thursday, the same day that Ruiz apologised for the company's dismal performance.
That filing, which contained a copy of employment agreement, shows AMD raised his annual base salary by 7.4% to $1.12m.
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