AMD's Ex-CEO Set for Nice Payout (at TheStreet.com)

SAN FRANCISCO -- Former Advanced Micro Devices CEO Hector Ruiz is set to net $3 million for splitting the chipmaker in two. The payment , disclosed in a regulatory filing Thursday, is in addition to a new two-year contract that could be worth as much as $11.5 million for Ruiz to serve as nonvoting chairman of AMD's former manufacturing arm. On Tuesday, AMD revealed the long-awaited details of its plan to adopt a so-called "asset-light" model , in which the Sunnyvale, Calif., company would focus on designing microprocessors, and spin off its chip factories into a separate business. The deal, which Ruiz worked on for more than a year, is a complex affair that involves financing from two Middle Eastern government investment funds, and is subject to clearing various regulatory hurdles. Ruiz served as AMD's CEO from 2002 until... [read full story]