Press release: AMD Announces Amended Agreement with CEO and Affirms CEO Succession Plan
Date : 2001-02-15
SUNNYVALE, CA-FEBRUARY 14, 2001-AMD announced today that its board of
directors and W.J. Sanders III, chairman and chief executive officer, have
agreed that Mr. Sanders will serve as CEO until the annual shareholder
meeting in April of 2002. At that time the board expects that Dr. Hector de
J. Ruiz, president, chief operating officer, and a member of the board of
directors, will succeed Mr. Sanders as CEO. Under his amended agreement, Mr.
Sanders will serve as chairman of the board through 2003.
"We are extremely pleased with our plan for a seamless leadership
transition," said Charles M. Blalack, chairman of the compensation committee
of the board of directors. "Jerry Sanders is one of the true visionary
leaders of the semiconductor industry, and of course the driving force of
AMD since its founding over 30 years ago. While Jerry will step down as
chief executive officer in April of 2002, our agreement assures that AMD
will continue to have the benefit of his active involvement in vision,
strategy and key industry relationships."
"Since coming to AMD in January of 2000 as president and chief operating
officer, Hector Ruiz has taken charge of day-to-day operations and launched
a number of initiatives to improve our operational performance and
efficiency," said Mr. Sanders. "We have a great working relationship across
the waterfront of strategic and planning issues. Most important, he is an
outstanding leader and semiconductor industry veteran who shares and
embodies the customer- and employee-focused values that define the AMD
culture," Mr. Sanders concluded.
AMD is a global supplier of integrated circuits for the personal and
networked computer and communications markets with manufacturing facilities
in the United States, Europe, Japan, and Asia. AMD produces microprocessors,
flash memory devices, and support circuitry for communications and
networking applications. Founded in 1969 and based in Sunnyvale, California,
AMD had revenues of $4.6 billion in 2000. (NYSE: AMD).