2024-12-03 20:10:31 :
Pat Gelsinger, who recently resigned as chief executive of embattled U.S. chipmaker Intel, could receive up to $12 million in compensation, according to a regulatory filing by the company on Tuesday.
The company said the severance package will include an 18-month base salary of $1.9 million and 1.5x a target bonus of $3.4 million, payable over 18 months.
Kissinger is also eligible to receive an annual bonus for 11 months as CEO in 2024, which is calculated to total about $12 million.
He was forced to resign after less than four years at the helm of Intel at a board meeting last week where directors argued his expensive and ambitious turnaround plan wasn’t working.
Two Intel executives, David Zinsner and Michelle Johnston Holthaus, will serve as interim co-CEOs while the company searches for Gelsinger’s replacement. substitute.
Zinsner is Intel’s executive vice president and chief financial officer. Holthaus has been named to the newly created position of CEO of Intel Products, which includes the Client Computing, Data Center and Artificial Intelligence divisions.
The departure of Gelsinger, who has a career spanning more than 40 years, highlights the turmoil at Intel.
He joined Intel in 1979 and served as the company’s first chief technology officer. He returned to the company in 2021 as CEO.
Kissinger says exit will be bittersweet
Kissinger said in a statement that his exit was “bittersweet because for most of my career this company has been my life.”
“I can look back with pride on everything we have accomplished together. This has been a challenging year for all of us as we made difficult but necessary decisions to position Intel for current market dynamics.”
Gelsinger’s departure comes as Intel’s financial woes continue to worsen.
The company lost $16.6 billion in its most recent quarter and stopped paying dividends, and its shares have fallen about 60% since he took over as CEO.
——Based on the opinions of various agencies.
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