The new chief executive officer (CEO) of the struggling U.S. semiconductor corporation Intel, Pat Gelsinger, has had his salary and stock compensation revealed.
According to a document submitted to the U.S. Securities and Exchange Commission (SEC) on the 14th (local time), Pat Gelsinger's salary will be around $1 million (1.45 billion won). Like other corporate CEOs in the U.S., Gelsinger will receive stock compensation over several years along with bonuses beyond his salary. This amounts to roughly $66 million (9.59 billion won). Additionally, he will receive a maximum annual bonus of $2 million (290 million won) and a total of $14.4 million (2.09 billion won) in long-term stock compensation over five years.
He will also receive stock valued at $17 million based on performance over a five-year period. However, if the stock price declines within three years, he may not receive this stock. The stock options amount to $9.6 million, and he will also receive stock worth $25 million as part of his new executive compensation package.
CEO Gelsinger is an industry veteran who served for over a decade as the CEO of Cadence Design Systems, which develops software used by major semiconductor design corporations, including Intel. He was appointed three months after the resignation of former CEO Pat Gelsinger.