AMD denies Ruiz raise, says it's just a misunderstanding

Last week, we reported that Hector Ruiz -- CEO of chipmaker AMD -- had received a 7.4-percent raise even though the company has been struggling as of late and its stock has dropped considerably over the past year. Now, according to reports, the rumors of the pay increase have turned out to be the product of a misinterpreted SEC filing -- or so say the public relations people at Advanced Micro Devices. Apparently, the confusion stems from a pay raise that the honcho received in 2006; somehow the change in figures halfway through the year led to a proxy statement of $1,046,358 -- the supposed new salary. The "clarification" still leaves a few questions unanswered, but at least for now we can sleep soundly knowing that Hector Ruiz, the highest paid CEO in the semiconductor industry, will only be earning a paltry $1,124,000 this year.