The Ledger ResearchPrivate

The Front Office

Scouting report · AMD

Lisa T. Su

  • Chair, President & CEO, AMD since 2014-10src

AMD President & CEO since October 2014, Chair since February 2022

A−82 / 100

Ranked #8 of 23

Scouting sheet

as of 24 Sep 2026
Delivers guidance886 beat · 10 met · 0 missed · 0 withdrawn
Answers the question921 dodge in 30 answers on 2 calls
Capital allocation60company five-year record: neutral
Pay design8096% performance-conditioned · revenue, fcf, strategic, individual, tsr, relative tsr, eps · 92.6% for · 1.27% of net income
Skin in the game92stake worth $2.7bn, 49× last year's pay
Age
56src
In the role
12 yr
Promises scored
16
Hit rate
100%
Dodges / 100 answers
3.3
Airtime on calls
60%
Every promise, oldest firstMMMMBMMMBMBBBMBM

What to weigh

Watch 6

  • FY2025 reported pay $55.2m, up 78% from $31.0m in FY2024; CEO pay ratio 341:1src
  • FY2022 PRSUs vested at 96.84% of target on TSR roughly level with the S&P 500 (53.6% vs 55.1%) over 2022-2025src
  • Combined Chair and CEO since February 2022, with a Lead Independent Director; she is the only non-independent directorsrc
  • Beneficially owns 4.31m shares incl. 413,529 exercisable options, under 1% of shares outstandingsrc
  • Issued OpenAI a $0.01 warrant over up to 160m AMD shares vesting on Instinct GPU purchase milestones (Oct 2025)src
  • Issued Meta a matching $0.01 warrant over up to 160m shares on GPU purchase milestones (Feb 2026)src

In their favour 2

  • 2026 LTI target $36m, 75% PRSUs on 3-year TSR vs the S&P 500 with a FY2028 non-GAAP EPS kickersrc
  • Say-on-pay passed with 92.6% of votes cast for FY2025 pay at the May 2026 meetingsrc

Career

  1. 2022-02 – now
    Advanced Micro Devicessrc
    Chair of the Board (in addition to President & CEO)
  2. 2014-10 – now
    Advanced Micro Devicessrc
    President & Chief Executive Officer; director
  3. 2014-07 – 2014-10
    Advanced Micro Devicessrc
    Chief Operating Officer (business units, sales, global operations)
  4. 2012-01 – 2014-07
    Advanced Micro Devicessrc
    SVP & General Manager, Global Business Units
  5. 2008 – 2011
    Freescale Semiconductorsrc
    SVP & General Manager, Networking and Multimedia
    role confirmed by DEF14A-2025; start year from the search result
  6. 2007-06 – 2008
    Freescale Semiconductorsrc
    SVP & Chief Technology Officer
    DEF14A-2025 confirms she joined Freescale in 2007 as CTO
  7. 1995 – 2007
    IBMsrc
    Engineering and business leadership roles, latterly VP, Semiconductor Research and Development Center
  8. 1994 – 1995
    Texas Instrumentssrc
    Member of technical staff

Achievements

  • Engineer-CEO: rose from AMD business-unit head (2012) through COO to CEO in under three yearssrc
  • Proxy reports AMD market cap up 215% from end-FY2020 to end-FY2025, about $239bn of value createdsrc
  • Named TIME CEO of the Year and Fortune Businessperson of the Year; holds the IEEE Robert N. Noyce Medalsrc
  • Member of the National Academy of Engineering and American Academy of Arts and Sciences; IEEE Fellowsrc
  • Ran IBM's Semiconductor R&D Center as VP before moving into P&L roles at Freescalesrc

Education

  • Massachusetts Institute of Technology, PhD Electrical Engineering (1994)src
  • Massachusetts Institute of Technology, MS Electrical Engineering (1991)src
  • Massachusetts Institute of Technology, BS Electrical Engineering (1990)src

Background

  • Family Publicly known relative of Nvidia CEO Jensen Huang, reported as first cousin once removedsrc
  • Family Su has described Huang as a distant relative she did not meet until later in their careerssrc
  • Family Neither the 2025 nor the 2026 proxy carries an Item 401(d) family-relationship statement; the 2026 proxy reports no related-party transactions in fiscal 2025src
  • Boards Chair of the Semiconductor Industry Association board; Board Trustee, Mohamed bin Zayed University of Artificial Intelligencesrc
  • Boards Member of the US Department of Homeland Security's AI Safety and Security Board (per 2025 proxy)src
  • Boards Joined the Cisco Systems board in January 2020src
  • Boards Left the Cisco Systems board in October 2023src
  • Boards Director of Analog Devices from 2012; did not stand for re-election after her 2019 noticesrc
  • Other Has published more than 40 technical articlessrc

The promise ledger

16 scored · 0 open
ResultWhat was promisedWhere it is scoredHow
M MetQ3 2024 (guided 2024-07-30) (revenue)AMD row 1written outlook
M MetQ3 2024 (guided 2024-07-30) (gross_margin)AMD row 1written outlook
M MetQ4 2024 (2024-10-29) (revenue)AMD row 2written outlook
M MetQ4 2024 (2024-10-29) (gross_margin)AMD row 2written outlook
B BeatQ1 2025 (2025-02-04) (revenue)AMD row 3written outlook
M MetQ1 2025 (2025-02-04) (gross_margin)AMD row 3written outlook
M MetQ2 2025 (2025-05-06) (revenue)AMD row 4written outlook
M MetQ2 2025 (2025-05-06) (gross_margin)AMD row 4written outlook
B BeatQ3 2025 (2025-08-05) (revenue)AMD row 5written outlook
M MetQ3 2025 (2025-08-05) (gross_margin)AMD row 5written outlook
B BeatQ4 2025 (2025-11-04) (revenue)AMD row 6written outlook
B BeatQ4 2025 (2025-11-04) (gross_margin)AMD row 6written outlook
B BeatQ1 2026 (2026-02-03) (revenue)AMD row 7written outlook
M MetQ1 2026 (2026-02-03) (gross_margin)AMD row 7written outlook
B BeatQ2 2026 (2026-05-05) (revenue)AMD row 8written outlook
M MetQ2 2026 (2026-05-05) (gross_margin)AMD row 8written outlook

Questions dodged

3.3 per 100 answers

  1. Q2 2026 · 2027 gigawatts in line of sight and revenue per gigawatt · Vivek Arya (BofA). "how many gigawatt of compute does AMD have line of sight into for 2027 and what is AMD's monetization per gigawatt". Su answered segment growth rates ("server CPU ... will grow by over 70%"), not gigawatts or content. CALL-Q2-26, turns 17–18.

    from AMD · dossier-2026-09-24.md

Calls reviewed

  • FY2026-Q1.roic.json — 13 answers, 60% of the words
  • FY2026-Q2.roic.json — 17 answers, 61% of the words

Sources

15
  1. Filing Advanced Micro Devices DEF 14A (2026 annual meeting) · 2026-03-27
  2. Filing Advanced Micro Devices DEF 14A (2025 annual meeting) · 2025-03-28
  3. Filing Advanced Micro Devices 8-K Item 5.02 (2026 base salary and LTI awards) · 2026-07-01
  4. Filing Advanced Micro Devices 8-K Item 5.07 (2026 annual meeting vote results) · 2026-05-15
  5. Filing Advanced Micro Devices 8-K Items 1.01/3.02 (OpenAI agreement and warrant) · 2025-10-06
  6. Filing Advanced Micro Devices 8-K Items 1.01/3.02 (Meta agreement and warrant) · 2026-02-24
  7. Filing EDGAR XBRL companyconcept us-gaap/NetIncomeLoss, CIK 2488 (FY2025 10-K, accn 0000002488-26-000018) · 2026-09-24
  8. Web search result WebSearch: MIT News, Lisa Su '90, SM '91, PhD '94 to deliver MIT's 2026 Commencement address · 2026-09-24
  9. Web search result WebSearch: Light Reading, Freescale Names CTO (June 2007) · 2026-09-24
  10. Web search result WebSearch: Business Roundtable member bio, Dr. Lisa Su (Freescale SVP & GM Networking and Multimedia from 2008) · 2026-09-24
  11. Web search result WebSearch: Tom's Hardware, Jensen Huang and Lisa Su family tree shows how closely they are related · 2026-09-24
  12. Web search result WebSearch: AOL, AMD CEO Lisa Su says she never met her distant cousin Nvidia CEO Jensen Huang until later in their careers · 2026-09-24
  13. Web search result WebSearch: Cisco newsroom, Cisco appoints AMD President and CEO Dr. Lisa T. Su to Board of Directors (Jan 2020) · 2026-09-24
  14. Web search result WebSearch: Tom's Hardware, AMD's Lisa Su leaves Cisco Board of Directors (Oct 2023) · 2026-09-24
  15. Web search result WebSearch: Analog Devices 8-K (Dec 2019), Su not standing for re-election; elected ADI director 2012 · 2026-09-24