**Meta:** Intel’s new CEO Lip-Bu Tan to earn $1M salary and $2M bonus. Discover his role in transforming the company.
**Content:**
**Intel Appoints New CEO: Lip-Bu Tan**
Intel Corporation has announced the appointment of Lip-Bu Tan as its new CEO, effective March 18. The company aims to navigate its transition into a successful chip manufacturing and design firm under Tan’s leadership.
**Salary and Bonus Structure**
– **Base Salary:** Tan will receive an annual salary of $1 million.
– **Annual Cash Bonus:** He is eligible for a cash bonus of up to $2 million.
– **Performance Targets:** His employment agreement includes a three-year performance target, allowing him to retain two-thirds of his stock awards if a “change in control” occurs within 18 months of his start date.
**Comparison with Former CEO Pat Gelsinger**
– **Previous Salary:** Former CEO Pat Gelsinger had a base salary of $1.25 million and could earn annual bonuses up to 275% of his salary.
– **Contract Differences:** Gelsinger’s contract did not include a “change in control” clause, and he was entitled to a potential payout of up to $12 million before leaving the company.
– **Time Commitment:** Tan is required to devote “such time as is necessary” to his role, while Gelsinger was expected to commit his “full business efforts and time to Intel.”
**Industry Experience and Expectations**
Tan, a seasoned veteran in the chip industry and a long-time technology investor, was considered a strong candidate for the CEO position since December, following Gelsinger’s departure. He remains actively involved with startups through his venture capital firm, Walden International.
**Conclusion**
With Lip-Bu Tan at the helm, Intel is poised for a significant transformation. Will his leadership be the key to revitalizing the company’s fortunes in the competitive chip market?
**FAQs:**
**What is Lip-Bu Tan’s salary as Intel’s new CEO?**
Lip-Bu Tan will receive a base salary of $1 million and is eligible for an annual cash bonus of up to $2 million.
