Intels new CEO Pat Gelsinger welcome package is valued at $116 million

Published by

teaser

A few days ago Intel announced that Bob Swan, the current CEO of Intel, will leave his position on February 15 to be succeeded by Pat Gelsinger, Oregonlive now reports that the new CEO stands to collect well over $100 million at his new job.



Pat Gelsinger was CEO of VMware and for Gelsinger to leave his position at VMware the company offered him a salary of more than $ 42 million annually. The 59-year-old executive spent 3 decades at Intel and was among the company's top engineers when he became CEO of VMware in 2012. 



Oregin live further adds: Intel said Thursday it will pay Gelsinger $1.25 million in base salary, a $1.75 million hiring bonus and an annual bonus valued at $3.4 million, depending on performance. If Gelsinger buys up to $10 million in Intel stock, the company said it will give him a matching number of restricted shares. In addition, Gelsinger stands to receive $100 million in restricted stock – contingent on Intel and its share price meeting various performance metrics. So he may ultimately receive considerably less than that – or, potentially, even more. The restricted stock vests over a period of five years, contingent on Gelsinger remaining with Intel.

For 2019, Intel reported that its median employee earned $96,300. Swan, the outgoing CEO, was paid 695 times that sum.

Intels new CEO Pat Gelsinger welcome package is valued at $116 million


Share this content
Twitter Facebook Reddit WhatsApp Email Print