UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Promotion of Darren Grasby to Executive Vice President and Chief Sales Officer
On December 31, 2020, the Compensation and Leadership Resources Committee (the “Committee”) of the Board of Directors of Advanced Micro Devices, Inc. (the “Company”) approved the promotion of Mr. Darren Grasby, currently Senior Vice President and Chief Sales Officer of the Company, to the position of Executive Vice President and Chief Sales Officer, effective January 4, 2021. Mr. Grasby will continue to be responsible for leading the Company’s global sales organization for all Company product lines, including computing, graphics, datacenter and embedded products.
In connection with Mr. Grasby’s promotion, the Committee increased his annual base salary from £410,000 to £450,000 (or $561,700 to $616,500 using an exchange rate of 1.3670 U.S. dollars per British pound (as reported by Bloomberg Financial as of December 31, 2020)), and increased his target annual bonus opportunity under the Company's Executive Incentive Plan (“EIP”) from 100% of annual base salary to 125% of annual base salary, each effective January 4, 2021.
Promotion of Devinder Kumar to Executive Vice President, Chief Financial Officer and Treasurer
On December 31, 2020, the Committee approved the promotion of Mr. Devinder Kumar, currently Senior Vice President, Chief Financial Officer and Treasurer, to the position of Executive Vice President, Chief Financial Officer and Treasurer, effective January 4, 2021. Mr. Kumar will continue to be responsible for the Company’s global finance organization as well as global corporate services and facilities.
In connection with Mr. Kumar’s promotion, the Committee increased his annual base salary from $580,000 to $625,000 and increased his target annual bonus opportunity under the Company’s EIP from 100% of annual base salary to 125% of annual base salary, each effective January 4, 2021.
Other Named Executive Officer Compensation Changes
On December 31, 2020, the Committee approved (a) an increase to the annual base salary of Mark D. Papermaster, Chief Technology Officer and Executive Vice President, Technology and Engineering, from $625,000 to $675,000, and (b) increases to the target annual bonus opportunities under the Company's EIP for each of Mr. Papermaster and Rick Bergman, Executive Vice President, Computing and Graphics Business Group, from 100% of annual base salary to 125% of annual base salary, all effective January 4, 2021.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: January 6, 2021 | ADVANCED MICRO DEVICES, INC. | ||||||||||||||||
By: | /s/ Harry Wolin | ||||||||||||||||
Name: | Harry A. Wolin | ||||||||||||||||
Title: | Senior Vice President, General Counsel and Corporate Secretary | ||||||||||||||||