AMD's Accounting Shake-Up: 'Smith's Sudden Exit Sparks Speculation'

Advanced Micro Devices (AMD) announced the resignation of Darla Smith, Corporate Vice President and Chief Accounting Officer, effective November 18, 2024. Smith will remain as Corporate Vice President until January 17, 2025, to assist with the transition. The company stated that her departure is not due to any disagreements regarding AMD's accounting practices or financial reporting.

On November 13, 2024, AMD's Board of Directors appointed Philip Carter, 46, as the new Corporate Vice President and Chief Accounting Officer, effective November 18, 2024. Carter previously served as Chief Accounting Officer at Skyworks Solutions, Inc. since February 2017. He is a certified public accountant and a chartered financial analyst, holding a B.S. in Accounting from California State University, Fullerton, and an MBA from the University of Southern California.

According to an offer letter dated October 9, 2024, Carter's base salary will be $400,000, with an annual performance bonus target of 70% of his base salary under AMD's Annual Incentive Plan. He will also receive a $250,000 cash sign-on bonus and performance-based restricted stock units valued at $375,000, along with restricted stock units valued at $1,125,000, granted under AMD's 2023 Equity Incentive Plan. The sign-on bonus is subject to pro-rated repayment if Carter's service terminates within two years.

AMD confirmed that there are no arrangements or understandings between Carter and any other person regarding his selection as an officer, nor does he have any material interest in any transaction requiring disclosure. Carter has no family relationships with any of AMD's directors or executive officers.