What bad year? AMD's Hector Ruiz gets a raise

[Capper]

Apparently blessed with the best salary-negotiating skills in the universe, AMD CEO Hector Ruiz is getting a raise.
After spending most of Thursday apologizing to financial analysts for AMD's performance in 2007, the company revealed in a filing with the Securities and Exchange Commission that Ruiz's compensation agreement was amended on Wednesday with his new salary: $1,124,000. Earlier this year, AMD said Ruiz made $1,046,358 in base salary (click for PDF) during 2006, with a total compensation package for the year of $12,848,435.
AMD's stock is down 60 percent in 2007. The company is about to write off some "material" portion of the $3.2 billion in goodwill it assigned to the acquisition of ATI Technologies, a sign that the company way overpaid for the graphics chip maker in 2006. AMD's decision to favor Dell over channel partners when it came to chip distribution backfired when Dell ran into all of its problems, dooming AMD to a $611 million first-quarter loss. And Barcelona, the quad-core processor AMD spent years hyping, won't arrive in any kind of major volume until the first quarter of next year due to a series of technical glitches.
But other than that, AMD's board of directors must have figured that Ruiz had a pretty good year. The move should allow Ruiz to remain the highest paid CEO among his peers in the semiconductor industry on Forbes' annual list of CEO pay next year.

What bad year? AMD's Hector Ruiz gets a raise

[garetjax]

What a piece of shit. Good thing AMD is investing money in a source that has yet to help dig AMD out of the hole they currently reside in. This is absolutely ridiculous. Stock holders should be screaming bloody murder over this one. After the whole Abu Dhabi deal, one can only speculate if the money paid ($622 million) for that little deal helped fund Hector's nice little raise. Looks like Hector will still be around for awhile, choking the life out of AMD, for a little longer - his contract with AMD doesn't end until April of 2008.

I guess we now know where 'ole Hector's priorities lie...

[gvblake22]

Kindof reminds me of Michigan's current situation. We almost had a large portion of state jobs cut and offices shut down because of budget deficits, but our governor is still one of the highest paid state governors in the country! Amazing how money-hungry people with power can get...

[RA1D]

what a POS

[Stormcrow]

This smells familiar, anybody remember Enron?

[SirHardwareHawk]

wow that's bad, but happens often.