AMD Announces Amended Agreement with CEO and Affirms CEO Succession Plan.Business Editors SUNNYVALE, Calif.--(BUSINESS WIRE)--Feb. 14, 2001 AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. (NYSE NYSE See: New York Stock Exchange :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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , 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 Jerry Sanders may refer to:
"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. About AMD AMD is a global supplier of integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. for the personal and networked computer and communications markets with manufacturing facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , 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, Calif., AMD had revenues of $4.6 billion in 2000. (NYSE:AMD). |
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