Lisa Su gets 731 million votes in AMD election

Advanced Micro Devices, Inc (AMD) CEO Dr. Lisa Su received approximately 732 million votes in favor of remaining on the company’s board of directors. The votes were cast at AMD’s annual meeting of shareholders, which took place on Wednesday, and Dr Su, along with other board members, were re-elected as a director of ‘AMD. Besides the election of the board of directors, other items on the agenda included approving executive compensation and securing the appointment of AMD’s accounting firm.

Overwhelming support for AMD chief overshadows other members of company board during election

All current members were due for re-election to AMD’s board on Wednesday, with the oldest member being John Caldwell, who is also AMD chairman. Once the vote is over, the results shared by AMD with the SEC yesterday reveals that Dr. Su managed to get the most votes because only a percentage of voters chose to vote against her.

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The results reveal that the head of AMD managed to garner around 732 million votes, or 18 billion more than Mr. John Marren, who has served on the board since 2017 and is responsible for the audit and finance and governance committees. from AMD.

In addition, only 1.7 million shareholders voted against Dr. Su’s appointment, a figure significantly lower than the 18 million votes against Mr. Marren’s appointment. They also pale in comparison to the 151 million votes against the reappointment of Mr. Abhi Y. Talwalkar, who has served on the board since 2017.

Dr Su’s appointment comes as AMD announced a $ 4 billion share buyback program on Wednesday, which is the first such announcement by the company since 2001. It signals management confidence. in its current capital allocation, suggesting that AMD believes it has sufficient capital to finance its growth and repurchase its shares for the first time in two decades.

Commenting on the buyout, Dr Su told the shareholders meeting that:

Yes, you know that we are very satisfied with the progress we have made in the business over the past few years. And that has really been a multi-year growth strategy and I know many of you have been with us on this journey. Based on our very strong financial results and the cash generation that we see in the future, this lets us know you first, like I said our first priority is to invest significantly in the business. We see significant growth opportunities in our business portfolio. But now is the right time to start repaying capital to our shareholders and we believe this share buyback program is the right thing to do. This is the next step in our capital allocation strategy and will allow us to limit dilution of share issuance and reduce the number of shares over time. We will therefore continue to assess what is the best strategy for allocating capital over time. But we are very happy to be able to start the return of capital to our shareholders.

The results of the last meeting of AMD shareholders as filed with the Securities and Exchange Commission.

At the shareholder meeting, the executive also commented on strained semiconductor supply chains and his company’s response.

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Dr Su pointed out that:

So yes, there is some overall tension in the semiconductor supply chain. We had a very good start to the year and we have high visibility with our customers as well as our supply chain in terms of availability. So yes, you know we have commitments to meet the 50% annual revenue growth in 2021. We continue to work with our supply chain partners and customers every day to ensure that we meet their needs and we have great partnerships with our wafer suppliers, you know TSMC and GlobalFoundries as well as our manufacturing partners across the ecosystem. So you know that we continue to work closely with them. Overall, I would say channel stocks are still low in the supply chain, so we continue to work with our partners to increase overall capacity, as we would like to do a bit more.

AMD purchases all of its latest semiconductor products from the Taiwan Semiconductor Manufacturing Company (TSMC). TSMC, which operates out of Taiwan, is currently going through a historic drought on the island and is operating at full capacity to meet demand from automakers following a shortage caused by the ongoing pandemic.

Dr Su, for her part, remains optimistic about the future of her business as she believes AMD’s strong product portfolio will help it weather any future decline in demand in the electronics industry. General public. In contrast, the need for products like laptops and smartphones has been higher due to remote working and distance learning, with some fearing that device makers will have excess stock when things calm down. .

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