Intel’s ousted CEO Gelsinger to receive up to $12 million payout
12:24 pm Tuesday, December 03rd, 2024
(Reuters) – Intel former CEO Pat Gelsinger could get as much as $12 million as payout, a regulatory filing showed on Tuesday, following his ouster from the struggling U.S. chipmaker.
The company said the severance payment would include $1.9 million as base salary for 18 months and 1.5 times his target bonus of $3.4 million, payable over 18 months.
Gelsinger is also eligible for his annual bonus for the 11 months he served as CEO in 2024, bringing the total to about $12 million, according to a Reuters calculation.
Gelsinger was forced out less than four years after taking the helm of the company, handing control to two lieutenants as Intel searches for a permanent replacement.
Gelsinger, who resigned on Dec. 1, left after a board meeting last week during which directors felt his costly and ambitious turnaround plan was not working.
The board told Gelsinger he could retire or be removed, and he chose to step down, Reuters reported.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Arun Koyyur)
