Intel CEO Pat Gelsinger is leaving the company with a significant severance package, worth at least $10 million. According to a Securities and Exchange Commission filing, Gelsinger will receive 18 months of his base salary of $1.25 million, plus 275% bonus, totaling approximately $3.4 million over 18 months. He’ll also be eligible for 11/12ths of his 2024 bonus and owns around 646,000 shares worth more than $14.5 million.
Gelsinger’s tenure was marked by a significant decline in Intel’s stock price, plummeting over 60% during his time as CEO. Despite receiving billions of dollars in US government support for domestic chip manufacturing, he struggled to turn the company around amidst intense competition and talent departures.
The company announced layoffs of 15% of its staff in August to reduce costs by $10 billion. Gelsinger’s departure comes after a difficult tenure that saw Intel miss out on the AI boom that boosted many of its rivals.
Source: https://edition.cnn.com/2024/12/03/business/intel-ceo-gelsinger-ten-million-dollars/index.html