Intel New CEO Lip-Bu Tan Gets USD 69 million Pay Package

Incoming Intel Corp. Chief Executive Officer Lip-Bu Tan, who was named to the position this week, will be paid approximately $69 million if he meets targets in the coming years.

The package includes a $1 million salary and a 200 percent performance-based bonus, the chipmaker said in a filing Friday. It also includes $66 million in long-term equity awards, stock options, and new employee incentives.

Tan also agreed to buy $25 million in Intel stock within 30 days of starting his new job. "Lip-Bu's purchase reflects his belief in Intel and commitment to creating shareholder value," according to a company statement.

Intel announced earlier this week that Tan would take over the role left vacant by his predecessor, Pat Gelsinger, who was ousted by the board. The semiconductor industry veteran, who previously served on Intel's board of directors, is tasked with reviving the company's dominance in an industry it once ruled.

Tan, 65, will take over the role on March 18, the company announced Wednesday. He will also rejoin the board after stepping down in August 2024.

Intel's stock has rallied this year, up 20%, including a 15% increase on Thursday following the announcement of Tan's appointment.