CalPERS Drops Effort to Oust AMD Chairman: CalPERS dropped its efforts to oust Advanced Micro Devices Inc. Chairman Jerry Sanders. The giant California pension fund acted after AMD agreed that its board would be controlled by outside directors within a year. The Sunnyvale, Calif., integrated circuit maker also agreed that the board's nominating committee should be made up entirely of outsiders, and that any repricing of stock options for corporate officers will need approval from a panel of outside directors. As a result, CalPERS dropped a planned proxy fight with the chairman, whose Rolls-Royce, salary and options had prompted criticism.
From Times Staff and Wire Reports
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