Chipmaker AMD give its former Chief Executive Derrick Meyer $17.5 million when he exited the outfit in 2010.
Investors were somewhat shocked in early January when AMD announced Meyer was stepping down immediately. The move was sparked because the Board was not convinced Meyer had a cohesive strategy for expanding its new semiconductor markets, including devices for tablet computers.
However it looks like leaving was a jolly good move. Meyer's total 2010 compensation was 22 per cent higher than a year ago at $5.5 million. This was because the vesting of Meyer's stock options and other items was accelerated due to his resignation.
In addition to this Meyer was given a $12 million separation payment. Thomas Seifert, AMD's chief financial officer and interim chief executive, only received total compensation of $3.4 million in 2010, nearly twice as much as his 2009 compensation.
Sheesh if AMD wants me to go away and never bother them I can do it for a lot less than Meyer charged.