New CEO Rory Read: 'AMD is the right company at the right time'
Rory Read, the new CEO at Advanced Micro Devices Inc., is enthusiastic about his company's prospects and his personal financial prospects look promising as well.
AMD disclosed Friday that Read, whose hiring was announced Thursday, will receive more than 1.1 million shares of restricted stock — worth roughly $7.4 million at today's stock price. Most of the stock will be given in installments over the next three years. Part of the stock award is tied to meeting company performance goals.
Read also will receive about 2.6 million options that will be worth real money if the company moves substantially higher than $6.37 a share. The options will be earned over three years. AMD's stock closed at $6.49 a share on Friday.
All Read has to do to earn that money is build on the company's early product success this year, gain ground on an industry rival that is the largest and richest company in the chip business, and adjust to the challenge posed by mobile products that could undercut the PC industry's growth and profits.
"AMD is the right company at the right time that is uniquely positioned to participate in this next wave of technology," Read said in an interview with the American-Statesman.
What Read's appointment as CEO also means is "that AMD is unstuck now," said computer industry analyst Roger Kay with Endpoint Technologies Associates. Kay was referring to the fact that the chipmaker has been operating without a permanent CEO since January, when Dirk Meyer left suddenly after an apparent strategy dispute with the board of directors.
Read is expected to bring passion, experience and a customer's perspective to the CEO's job. He was chief operating officer of Lenovo Group Ltd., the Chinese-owned company that bought IBM Corp.'s PC business in 2005 and has since become the PC industry's third-largest player and its No. 1 player in emerging markets.
Before that, Read was a longtime rising start in IBM Corp.'s global services business.
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Kay was referring to the fact that the chipmaker has been operating without a permanent CEO since January, when Dirk Meyer left suddenly after an apparent strategy dispute with the board of directors. Read is expected to bring passion, experience and a
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