Intel's severance package for Kissinger amounts to 260 million yuan
Intel will pay former CEO Kissing $7.85 million (approximately NT$260 million) in severance, of which $7 million will be paid over 18 months. Kissing will forgo unvested stock compensation and comply with confidentiality and intellectual property obligations. Intel has appointed Chen Liwu as the new CEO, with an annual salary of $1 million, eligible for a 200% bonus over the next three years and $24 million in stock options
According to documents recently filed by Intel with the U.S. Securities and Exchange Commission, Intel will pay former CEO Pat Gelsinger, who stepped down in December last year, a severance package of $7.85 million (approximately NT$260 million).
Intel stated that $7 million of this severance will be paid over 18 months, primarily as compensation for Gelsinger's annual salary of $1.25 million, along with cash bonuses. After receiving this severance, Gelsinger will forfeit any unvested stock compensation. He also confirmed that he will comply with confidentiality and intellectual property obligations, as well as litigation cooperation terms.
After Gelsinger's abrupt retirement at the end of last year, Intel appointed CFO David Zinsner and head of the product division Michelle Johnston Holthaus as interim co-CEOs. At the end of this month, Intel will pay each of these two senior executives a salary of $1.5 million.
Earlier this month, Intel announced the appointment of Li Wu Chen as CEO. Chen's base salary will be $1 million, and his bonus for the next three years will be 200% of his base salary, along with stock options valued at a total of $24 million. If performance meets certain targets, he can also receive a one-time stock reward valued at a total of $42 million.
Former Intel CEO Pat Gelsinger. Reuters
