Incoming Intel Corp. Chief Govt Officer Lip-Bu Tan, who was named to the place this week, will obtain compensation valued at about $69 million if he reaches targets over the approaching years.
The package deal features a wage of $1 million, plus a 200% performance-based bonus, the chipmaker mentioned in a submitting Friday. It additionally contains $66 million in long-term fairness awards and inventory choices and new-hire incentives.
Individually, Tan agreed to purchase $25 million in Intel shares within the first 30 days of taking the job. “Lip-Bu’s buy displays his perception in Intel and dedication to creating shareholder worth,” the corporate mentioned in an announcement.
Earlier this week, Intel introduced Tan was filling the function left vacant when the board ousted his predecessor, Pat Gelsinger. The semiconductor trade veteran, who beforehand served as an Intel board member, is tasked with attempting to return the corporate to the forefront of an trade that it dominated for many years.
Tan, 65, will assume the function on March 18, the corporate mentioned Wednesday. He’ll rejoin the board as effectively after stepping down in August 2024.
Intel’s inventory has rallied this yr, gaining 20%, together with a surge of 15% on Thursday following the announcement of Tan’s appointment.
This story was initially featured on Fortune.com
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