AMD reduces pay package for CEO by 14 pct. in 2009

Advanced Micro Devices Inc., the world’s No. 2 maker of computer microprocessors, reduced its CEO’s pay package 14 percent last year. The company cut executives’ pay in response to falling sales. CEO Dirk Meyer received a package for the 2009 fiscal year that AMD valued at $4.5 million. That’s according to Associated Press calculations based on a regulatory filing late Friday. For 2008, his pay package was valued at $5.3 million.

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In AMD’s 2009 fiscal year, which ended Dec. 26, Meyer received restricted stock and options of $3.7 million. In 2008, his stock-and-options package was $4.4 million.

Meyer, 48, has held AMD’s top job for the past year and a half. He became CEO after Hector Ruiz left to become chairman of the spinoff company made up of AMD’s chip-making plants.

— A bonus of $45,000 to restore his salary for three months of 2009 to its level before AMD cut salaries for its executives. [Read the full article]

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If you collect Social Security, some of it might be taxable, depending on your total income and marital status. Retirees should get Form SSA-1099 from the Social Security Administration by the end of January or in early February. [Read the full article]

Iowa awmakers expect to edge a bit closer to adjournment this week, as the governor signs a budget-cutting reorganization bill and forecasters estimate how much tax money will flow to the state.

Legislative leaders said they’re in good position to adjourn by the end of March, with key bills either approved or moving toward a vote.

“I think the sprint is now,” said Senate Majority Leader Michael Gronstal, D-Council Bluffs. “We have all of the eligible bills in front of us.”

House Majority Leader Kevin McCarthy, D-Des Moines, agreed. He said lawmakers this week will focus on a handful of policy measures but that time is running short.

“We’re starting to run out of time for those bills,” said McCarthy. “Once they are out of the way we are in shut-down mode.”

Gov. [Read the full article]

The CEO of auto and industrial parts distributor Genuine Parts Co. received a pay package worth $1.8 million in 2009, a 40 percent drop from last year.

The Atlanta-based company awarded Thomas Gallagher a base salary of $875,000, unchanged from 2008. Last year he received more than $1 million in stock and option awards, but received no such awards this year.

All other compensation — including 401(k) matching contributions, personal use of the company aircraft and club membership dues — came to $125,181, a 40 percent decrease.

In 2008, Gallagher’s total pay package was valued at $3 million, according to calculations by The Associated Press.

Last year was the second consecutive year Gallagher took a pay cut. His 2008 pay package was 17 percent smaller than the previous year.

Gallagher’s compensation cut in 2009 was due largely to the lack of stock and option awards. [Read the full article]

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