Pat Gelsinger, the former CEO of Intel, will receive a substantial severance payment following his departure from the company. According to documents submitted by Intel to regulatory authorities on Tuesday, Gelsinger is set to receive $12 million in severance.
Intel disclosed that the severance package includes a base salary of $1.9 million and a bonus payout equivalent to 1.5 times his target bonus of $3.4 million, to be distributed over 18 months.
Additionally, the company stated that Gelsinger is fully eligible for an annual bonus for the 11 months he served as CEO in 2024, bringing his total severance to approximately $12 million.
Gelsinger stepped down less than four years after taking the helm at Intel, handing over management duties to two mid-level executives while the company searches for a permanent successor.
Last week, Gelsinger resigned following a board meeting in which it was determined that his costly and ambitious turnaround plans were ineffective.
The board informed Gelsinger that he could either retire or face dismissal, and he chose to resign.
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