Intel may have ousted CEO Pat Gelsinger, but he’s leaving the company with a significant payday.
He’s set to receive 18 months of his base annual salary of $1.25 million, according to a filing with the Securities and Exchange Commission. He will also receive 1.5 times his current target bonus of 275% of that annual wage – about $3.4 million – payable over 18 months. He’ll also be eligible for 11/12ths of his 2024 bonus, since he stepped down on the first day of December.
Overall, that’s at least $10 million.
Gelsinger also owns roughly 646,000 shares in Intel as of a November regulatory filing. These days, that’s worth more than $14.5 million.
On Monday, Intel announced Gelsinger would resign after his difficult tenure in the company contributed to its stock cratering from missing out on the AI boom that boosted much of its rivals.
Gelsinger became Intel’s chief executive in February 2021 and had previously served as chief technology officer. He had briefly left Intel to be CEO of software giant VMWare.
The company’s stock plunged more than 60% during his tenure. Once an iconic American tech giant, Gelsinger had to turn around a company that was facing unprecedented competition, production delays and the departure of top talent. But he wasn’t able to catch Intel up despite billions of dollars in US government spending to support its domestic chip manufacturing.
The company announced in August it would lay off 15% of its staff to help reach its goal of slashing $10 billion in costs.
CNN’s Clare Duffy and David Goldman contributed to this report.
