Intel’s New CEO to Receive a Basic Salary of $1 Million
Intel Corporation, the U.S.-based chip manufacturer, has announced Lip-Bu Tan as its new Chief Executive Officer (CEO). According to the company, Tan will receive an annual salary of $1 million along with a performance-based bonus of up to $2 million per year. He is set to assume his responsibilities on March 18. Reuters reported the development.
Tan has been entrusted with the critical challenge of steering Intel through its current struggles and revitalizing its chip design and manufacturing business. His contract includes a three-year performance assessment, and in the event of a significant ownership change within 18 months, he will be entitled to retain two-thirds of his stock awards.
A seasoned technology investor and a veteran in the semiconductor industry, Tan had been widely considered a potential successor since Pat Gelsinger was ousted from the CEO position last December. Gelsinger's salary stood at $1.25 million, with an annual bonus of up to 275% of his base salary.
Despite his new role, Tan remains actively engaged in startup investments through his venture capital firm, Walden International. However, under Intel’s new agreement, he is expected to dedicate "as much time as necessary" to fulfill his responsibilities as CEO.
