Bloomberg has reported additional information regarding the former Intel CEO, Pat Gelsinger, who was voted off the company’s board and decided to retire from his position as per the board’s proposal. He will receive a payout of approximately $10 million.
Intel filed a report with the SEC stating that Gelsinger will receive a severance package equivalent to 18 months’ salary ($1.25 million per year) and an additional bonus of 1.5 times the target amount set at $3.4 million. This compensation will be paid out over 18 months, with the possibility of an additional bonus of 11/12 of 2024.
Intel announced that Gelsinger retired from his position yesterday after serving as the CEO of Intel for 3 years.
Source: Bloomberg
TLDR: Pat Gelsinger, the former Intel CEO, receives a $10 million payout after retiring from his position following the board’s proposal. He will also receive a severance package and additional bonuses totalling over $3.4 million.
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